Bud Lacher wrote:

- quote -

After reading the responses, you should BE CERTAIN that the
answer is no!

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Thanks for all the responses, I guess the answer is no.

Bud Lacher

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Bud Lacher <bud[at]alaska.com> wrote:

- quote -

No, you cannot transfer their capital losses to your
account. Just file separate returns for each of them and
carry over the loss.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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- quote -

to preserve the capital losses for the children, you should
continue to file their income on their own returns. they
can't be transfered to your return.

--
Thomas E Healy, CPA, PC
1650 38th St., Ste 202W
Boulder, CO 80301
Please send email to: tom[at]tomhealycpa.com, since I block all email at my
newsgroup address.
phone (303) 443-1804
fax (720) 489-3772

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"Bud Lacher" <bud[at]alaska.com> wrote:

- quote -

No, you cannot transfer their capital losses to your return.
Hopefully you filed a return for them in 2001 showing the
capital losses. And if you didn't do so because their other
income was too low to require filing, I would do so now (or
at least before April 15, 2005). Then I would file returns
for them each year to preserve the capital losses rather
than putting the income on your return. In any year that
the income is under the filing requirement for a dependent,
you would not actually have to file but I would do so anyway
to show the loss carryover. $1,000 of (presumably unearned)
income would've only used up $250 of the capital loss.
There would be no tax.

Vida Freeman, EA

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"Bud Lacher" <bud[at]alaska.com> wrote:

- quote -

No you cannot. They have a capital loss carryover.

- quote -

The answer is no. They file their own return until they use
up the capital loss unless they turn 14 in which case they
file on their own anyway.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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Bud Lacher <bud[at]alaska.com> writes:

- quote -

Actually, you can't. Each child's capital loss carryover is
a Schedule D item (just like an actual sale would be), which
means you cannot take the childrens' income on your own
return and must file a return for each child in his own
name.

- quote -

Absolutely not.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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Bud Lacher wrote:

- quote -

By "joint return", do you mean "combined return". If so,
the answer is that you cannot file the return with them
while they have outstanding capital losses. In fact, IIRC,
the capital losses won't deplete significantly....

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Bud Lacher <bud[at]alaska.com> wrote:

- quote -

NO

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Bud Lacher <bud[at]alaska.com> writes:

- quote -

No, and the 1040 instructions on kiddie tax.

Phil Marti
Clarksburg, MD

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- quote -

Nope, their capital losses stay with them, NOT on your
return.

Helen, EA in PA
I DID IT!
50 miles, 3 days, 1 cause - Multiple Sclerosis Challenge Walk for the Cure
October 1 to October 3, 2004

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In 2000, my 2 children, ages 8 and 11 (now), had capital
gains and income that required me to have them file
separately. In 2001, they had capital of losses of
approximately $6,000 each.

This year their income is only $1,000, and at that rate it
will be several years before they deplete their capital loss
carry forwards.

I can file my joint return with their income now, but my
question is: Can I transfer their capital losses to the
joint return? Any help appreciated and a reference would be
outstanding.

Thanks,

Bud

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