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#2
03-07-2005, 09:48 AM
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 Re: Investment gains one year, losses the next "Paul B." <pb_public[at]operamail.com> writes: - quote - > Do I understand this correctly - if I had stock gains last
Correct.> year, but will have equivalent losses this year, I must pay > full taxes this year - quote - > and capital losses can be deducted only
If you have more losses than gains (i.e. a net capital loss)> from ensuing year(s)? I believe there's a provision where > the loss can be spread over more than one future year, in a given year, you can take no more than $3000 of the loss against other income. The rest is carried forward to the following year, where it is treated exactly the same as a "fresh" loss incurred that year. - quote - > it can't be applied retroactively to last year.
Correct. Individuals can only carry capital losses forward,not back. -- 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
03-07-2005, 08:50 AM
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| Re: Investment gains one year, losses the next "Paul B." <pb_public[at]operamail.com> wrote: - quote - > Do I understand this correctly - if I had stock gains last
Unfortunately you took the gains and losses in the "wrong"> year, but will have equivalent losses this year, I must pay > full taxes this year and capital losses can be deducted only > from ensuing year(s)? I believe there's a provision where > the loss can be spread over more than one future year, but > it can't be applied retroactively to last year. order. You get to deduct $3,000 of the loss this year, and $3,000 per year down the road until you or the losses are used up. It isn't a matter of "can" but "must." -- Tom Healy, CPA Boulder, CO Web: http://www.tomhealycpa.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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03-07-2005, 08:50 AM
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| Re: Investment gains one year, losses the next "Paul B." <pb_public[at]operamail.com> wrote: - quote - > Do I understand this correctly - if I had stock gains last
You believe wrong.> year, but will have equivalent losses this year, I must pay > full taxes this year and capital losses can be deducted only > from ensuing year(s)? I believe there's a provision where > the loss can be spread over more than one future year, but > it can't be applied retroactively to last year. -- 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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#-1
03-03-2005, 10:37 PM
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| Investment gains one year, losses the next Do I understand this correctly - if I had stock gains last year, but will have equivalent losses this year, I must pay full taxes this year and capital losses can be deducted only from ensuing year(s)? I believe there's a provision where the loss can be spread over more than one future year, but it can't be applied retroactively to last year. TIA, Paul -- Given address is checked only infrequently. Please reply to group. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| gains, investment, losses, year |
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