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#8
05-12-2004, 03:02 AM
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 Re: Can you "not use" capital loss in a particular year? - quote - > > > 2) Must he include the 2003 capital loss in his 2003 tax
You might be thinking of an NOL, not an excess CL.> > > calculations or can he use it for 2004 when he has some > > > taxable income to offset? > > It must go on the 2003 return. If he ends up (before > > itemizing) with no income, then it will carry to 2004. Use > > the Sch D worksheet from last year. > I thought it was after deductions, but before personal > exemptions. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#7
05-05-2004, 07:16 PM
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| Re: Can you "not use" capital loss in a particular year? Rich Carreiro <rlcarr[at]animato.arlington.ma.us> wrote: - quote - > "Frank S. Duke, Jr." <dukefs[at]one.net> writes:
Thanks to everyone who replied to this question. I should> > Client had some carryover from 2002 and incurred some more > > in 2003 for a total of $2800. However, deductions far > > exceeded AGI so client gets no benefit from using the loss > > to further reduce our taxable income, already less than > > zero. > Did you fill out the capital loss carryover worksheet? have done the experiment myself before asking it. Sure enough, if you use the worksheet, you will find that none is used up. All freely provided advice guarantee correct or double your money back Frank S. Duke, Jr. CPA Cincinnati, OH USA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#6
05-04-2004, 04:00 AM
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| Re: Can you "not use" capital loss in a particular year? - quote - > > 2) Must he include the 2003 capital loss in his 2003 tax
I thought it was after deductions, but before personal> > calculations or can he use it for 2004 when he has some > > taxable income to offset? > It must go on the 2003 return. If he ends up (before > itemizing) with no income, then it will carry to 2004. Use > the Sch D worksheet from last year. exemptions. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
05-04-2004, 03:41 AM
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| Re: Can you "not use" capital loss in a particular year? - quote - > Client had some carryover from 2002 and incurred some more
Yes.> in 2003 for a total of $2800. However, deductions far > exceeded AGI so client gets no benefit from using the loss > to further reduce our taxable income, already less than > zero. > 1) Must he include the 2002 carryover in his 2003 tax > calculations - quote - > or can he choose to use it when he has some
Yes again, kinda sorta. See the carryover worksheet in Pub> taxable income to offset? 550. It sounds like the full amount will carry over to the next year even though it's "used" this year. Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
05-03-2004, 08:56 AM
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| Re: Can you "not use" capital loss in a particular year? Frank S. Duke, Jr. <dukefs[at]one.net> wrote: - quote - > Client had some carryover from 2002 and incurred some more
He has to use it for 2003. There is no election for> in 2003 for a total of $2800. However, deductions far > exceeded AGI so client gets no benefit from using the loss > to further reduce our taxable income, already less than > zero. > 1) Must he include the 2002 carryover in his 2003 tax > calculations or can he choose to use it when he has some > taxable income to offset? deferring use. - quote - > 2) Must he include the 2003 capital loss in his 2003 tax
Yes, there is no election to defer.> calculations or can he use it for 2004 when he has some > taxable income to offset? However, he also is supposed to calculate the capital loss carryover for 2004, and that worksheet was moved this year from the Form 1040 Schedule D Instructions and placed into Pub 550. When he completes the carryover worksheet he might find that even though he declared and used his loss on his 2003 return, he might have some or even all of that loss carried forward to 2004. So complete the capital loss carryforward worksheet to see if he really used up any loss or not. You might just be pleasantly surprised. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
05-03-2004, 08:18 AM
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| Re: Can you "not use" capital loss in a particular year? Frank S. Duke, Jr. wrote: - quote - > Client had some carryover from 2002 and incurred some more
He must use it.> in 2003 for a total of $2800. However, deductions far > exceeded AGI so client gets no benefit from using the loss > to further reduce our taxable income, already less than > zero. > 1) Must he include the 2002 carryover in his 2003 tax > calculations or can he choose to use it when he has some > taxable income to offset? - quote - > 2) Must he include the 2003 capital loss in his 2003 tax
If AGI less itemized or standard deductions is negative, and> calculations or can he use it for 2004 when he has some > taxable income to offset? less than the loss reported on line 13a (2003), the entire amount (carried over from 2002 and incurred in 2003) is carried over to 2004. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
05-03-2004, 07:59 AM
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| Re: Can you "not use" capital loss in a particular year? "Frank S. Duke, Jr." <dukefs[at]one.net> writes: - quote - > Client had some carryover from 2002 and incurred some more
Did you fill out the capital loss carryover worksheet? In> in 2003 for a total of $2800. However, deductions far > exceeded AGI so client gets no benefit from using the loss > to further reduce our taxable income, already less than > zero. the case you describe, you should discover that none of the loss is actually used up, even though a loss is shown on the cap gains line of 1040. (I believe that this year the worksheet is in Pub 550 instead of in the Sched D instructions. *sigh*) - quote - > 1) Must he include the 2002 carryover in his 2003 tax
Yes.> calculations - quote - > or can he choose to use it when he has some
No.> taxable income to offset? - quote - > 2) Must he include the 2003 capital loss in his 2003 tax
Yes.> calculations - quote - > or can he use it for 2004 when he has some
No.> taxable income to offset? However, if is income after deductions but before exemptions would have been zero or less even without counting the loss, you'll find out none of the loss is actually used up. Again, see the capital loss carryover worksheet. -- Rich Carreiro rlcarr[at]animato.arlington.ma.us << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
05-03-2004, 07:40 AM
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| Re: Can you "not use" capital loss in a particular year? - quote - > Client had some carryover from 2002 and incurred some more
It must go on the 2003 return. If he ends up (before> in 2003 for a total of $2800. However, deductions far > exceeded AGI so client gets no benefit from using the loss > to further reduce our taxable income, already less than > zero. > 1) Must he include the 2002 carryover in his 2003 tax > calculations or can he choose to use it when he has some > taxable income to offset? > 2) Must he include the 2003 capital loss in his 2003 tax > calculations or can he use it for 2004 when he has some > taxable income to offset? itemizing) with no income, then it will carry to 2004. Use the Sch D worksheet from last year. Helen, EA in PA Member of The Tax Gang Director, National Assoication of Enrolled Agents Immediate Past President, PA Society of Enrolled Agents << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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05-03-2004, 07:20 AM
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| Re: Can you "not use" capital loss in a particular year? Frank S. Duke, Jr. wrote: - quote - > Client had some carryover from 2002 and incurred some more
Yes - Must include, and no - cannot choose.> in 2003 for a total of $2800. However, deductions far > exceeded AGI so client gets no benefit from using the loss > to further reduce our taxable income, already less than > zero. > 1) Must he include the 2002 carryover in his 2003 tax > calculations or can he choose to use it when he has some > taxable income to offset? - quote - > 2) Must he include the 2003 capital loss in his 2003 tax
Yes - must include, and yes, use it in 2004 since it appears> calculations or can he use it for 2004 when he has some > taxable income to offset? that all of it will carry forward. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-30-2004, 09:05 AM
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| Can you "not use" capital loss in a particular year? Client had some carryover from 2002 and incurred some more in 2003 for a total of $2800. However, deductions far exceeded AGI so client gets no benefit from using the loss to further reduce our taxable income, already less than zero. 1) Must he include the 2002 carryover in his 2003 tax calculations or can he choose to use it when he has some taxable income to offset? 2) Must he include the 2003 capital loss in his 2003 tax calculations or can he use it for 2004 when he has some taxable income to offset? All freely provided advice guarantee correct or double your money back Frank S. Duke, Jr. CPA Cincinnati, OH USA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| capital, loss, not use, year |
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