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#10
11-18-2004, 01:16 AM
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 Re: Taking minor's loss on parents return? "J. Patrick Brandt" <null[at]void.net> wrote: - quote - > I know that I can include a child's income on my own tax
No. That is not an option.> return only if the only income is from interest and > dividends, and if it is below a certain amount. > However, what if my child has only investment losses? > Can I include their long term capital losses on my return? - quote - > What about carry-forward losses.
Your daughter should file her own tax return. Unused netcapital losses can be carried forward indefinitely. - quote - > My 14 year old daughter has about $4000 in losses and I have
You/your daughter have been doing the right thing. Her> been filing for her for about 3 years, just to keep the loss > carried forward. But now I am wondering if I can just use > this loss on my own return? (and maybe not have to file > returns for her, until she has a gain big enough to trigger > filing again.) losses can only be used on her tax return. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#9
11-17-2004, 03:50 AM
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| Re: Taking minor's loss on parents return? Patrick Brandt wrote: - quote - > I know that I can include a child's income on my own tax
You may not report her losses on your return. You report> return only if the only income is from interest and > dividends, and if it is below a certain amount. > However, what if my child has only investment losses? > Can I include their long term capital losses on my return? > What about carry-forward losses. > My 14 year old daughter has about $4000 in losses and I have > been filing for her for about 3 years, just to keep the loss > carried forward. But now I am wondering if I can just use > this loss on my own return? (and maybe not have to file > returns for her, until she has a gain big enough to trigger > filing again.) > Thanks for your thoughts. the losses on her return and carry forward any unused loss. -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#8
11-17-2004, 03:50 AM
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| Re: Taking minor's loss on parents return? J. Patrick Brandt <null[at]void.net> wrote: - quote - > I know that I can include a child's income on my own tax
Nope. Keep doing what you are doing.> return only if the only income is from interest and > dividends, and if it is below a certain amount. > However, what if my child has only investment losses? > Can I include their long term capital losses on my return? > What about carry-forward losses. > My 14 year old daughter has about $4000 in losses and I have > been filing for her for about 3 years, just to keep the loss > carried forward. But now I am wondering if I can just use > this loss on my own return? (and maybe not have to file > returns for her, until she has a gain big enough to trigger > filing again.) __ 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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#7
11-17-2004, 03:50 AM
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| Re: Taking minor's loss on parents return? "J. Patrick Brandt" <null[at]void.net> wrote: - quote - > I know that I can include a child's income on my own tax
Her loss, her return.> return only if the only income is from interest and > dividends, and if it is below a certain amount. > However, what if my child has only investment losses? > Can I include their long term capital losses on my return? > What about carry-forward losses. > My 14 year old daughter has about $4000 in losses and I have > been filing for her for about 3 years, just to keep the loss > carried forward. But now I am wondering if I can just use > this loss on my own return? (and maybe not have to file > returns for her, until she has a gain big enough to trigger > filing again.) -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#6
11-17-2004, 03:31 AM
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| Re: Taking minor's loss on parents return? null[at]void.net says... - quote - > I know that I can include a child's income on my own tax
Your first paragraph answers your own question.> return only if the only income is from interest and > dividends, and if it is below a certain amount. > However, what if my child has only investment losses? > Can I include their long term capital losses on my return? > What about carry-forward losses. > My 14 year old daughter has about $4000 in losses and I have > been filing for her for about 3 years, just to keep the loss > carried forward. But now I am wondering if I can just use > this loss on my own return? (and maybe not have to file > returns for her, until she has a gain big enough to trigger > filing again.) > Thanks for your thoughts. The best way to avoid this problem is to not lose money on your investments. Easier said than done for the vast majority of people, though. Gary -- You can probably X figure out X which letters to X delete to derive my email address X. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
11-17-2004, 03:31 AM
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| Re: Taking minor's loss on parents return? "J. Patrick Brandt" <null[at]void.net> writes: - quote - > However, what if my child has only investment losses?
No. They can only go on the child's return.> Can I include their long term capital losses on my return? - quote - > What about carry-forward losses.
Same as above.- quote - > My 14 year old daughter has about $4000 in losses and I have
No, you cannot.> been filing for her for about 3 years, just to keep the loss > carried forward. But now I am wondering if I can just use > this loss on my own return? -- 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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#4
11-17-2004, 03:31 AM
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| Re: Taking minor's loss on parents return? - quote - > I know that I can include a child's income on my own tax
This was answered a few weeks ago. Your daughter needs to> return only if the only income is from interest and > dividends, and if it is below a certain amount. > However, what if my child has only investment losses? > Can I include their long term capital losses on my return? > What about carry-forward losses. > My 14 year old daughter has about $4000 in losses and I have > been filing for her for about 3 years, just to keep the loss > carried forward. But now I am wondering if I can just use > this loss on my own return? (and maybe not have to file > returns for her, until she has a gain big enough to trigger > filing again.) file her own return until the capital loss is used up, even if that is after she is no longer your dependent. You don't get to use her loss, ever. -- 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 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
11-17-2004, 03:31 AM
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| Re: Taking minor's loss on parents return? "J. Patrick Brandt" <null[at]void.net> wrote: - quote - > I know that I can include a child's income on my own tax
[snip]> return only if the only income is from interest and > dividends, and if it is below a certain amount. > However, what if my child has only investment losses? > Can I include their long term capital losses on my return? > What about carry-forward losses. No. A child's investment losses are his or her own and cannot be shifted to anybody else's return. The rule for income of a child is merely a convenience: to avoid filing small-amount tax returns for children. One of the risks of transferring assets capable of generating capital gains and losses to a child is that your child may incur losses that are of no present benefit to anyone. -- Chris Green << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
11-17-2004, 03:12 AM
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| Re: Taking minor's loss on parents return? "J. Patrick Brandt" <null[at]void.net> wrote - quote - > I know that I can include a child's income on my own tax
No, those belong to the child's return.> return only if the only income is from interest and > dividends, and if it is below a certain amount. > However, what if my child has only investment losses? > Can I include their long term capital losses on my return? > What about carry-forward losses. -- Paul A. Thomas, CPA Athens, Georgia taxman at negia.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
11-17-2004, 03:12 AM
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| Re: Taking minor's loss on parents return? "J. Patrick Brandt" <null[at]void.net> writes: - quote - > However, what if my child has only investment losses?
Schedule D transactions require the child to file a return.No choice available. Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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11-17-2004, 03:12 AM
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| Re: Taking minor's loss on parents return? "J. Patrick Brandt" <null[at]void.net> wrote: - quote - > I know that I can include a child's income on my own tax
Read your first paragraph out load. Capital gains and losses> return only if the only income is from interest and > dividends, and if it is below a certain amount. > However, what if my child has only investment losses? > Can I include their long term capital losses on my return? > What about carry-forward losses. > My 14 year old daughter has about $4000 in losses and I have > been filing for her for about 3 years, just to keep the loss > carried forward. But now I am wondering if I can just use > this loss on my own return? (and maybe not have to file > returns for her, until she has a gain big enough to trigger > filing again.) belong on the CHILDS tax return, not yours. Continue filing returns for her, to maintain the loss carryforward until such time as she has enough ordinary income to use them. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
11-15-2004, 02:57 AM
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| Taking minor's loss on parents return? I know that I can include a child's income on my own tax return only if the only income is from interest and dividends, and if it is below a certain amount. However, what if my child has only investment losses? Can I include their long term capital losses on my return? What about carry-forward losses. My 14 year old daughter has about $4000 in losses and I have been filing for her for about 3 years, just to keep the loss carried forward. But now I am wondering if I can just use this loss on my own return? (and maybe not have to file returns for her, until she has a gain big enough to trigger filing again.) Thanks for your thoughts. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| loss, minor, parents, return, taking |
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