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#3
04-18-2005, 04:15 PM
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 Re: Capital Loss Carryover - quote - > > The Carryover is the difference between what your total loss > > is minus $3000, if that is what you are asking. You take a > > $3000 (MFJ) loss each year until the entire amount has been > > deducted. > That's USUALLY true, but low income taxpayers with line 40 (AGI minus deductions) less than zero will find that the carryover is greater. -- Don EA in Upstate NY << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
04-17-2005, 06:26 AM
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| Re: Capital Loss Carryover <mytax[at]adams.net> wrote: - quote - > The Carryover is the difference between what your total loss
Thanks. That's exactly what I used. (2003's losses minus 3k)> is minus $3000, if that is what you are asking. You take a > $3000 (MFJ) loss each year until the entire amount has been > deducted. > I'm tired..... But it's not what I got on line 13 of the worksheet. I won't have IRS knocking on my door though. Thank you both. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
04-16-2005, 04:53 PM
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| Re: Capital Loss Carryover The Carryover is the difference between what your total loss is minus $3000, if that is what you are asking. You take a $3000 (MFJ) loss each year until the entire amount has been deducted. I'm tired..... Missy Doyle << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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04-16-2005, 04:53 PM
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| Re: Capital Loss Carryover tom418 wrote: - quote - > Normally, the capital loss carryover for the following year
The result you got is possible if your taxable income is> is computed when doing the current year's taxes. Last year > (2003), the instructions indicated that the carryover to > 2004 would be included in the 2004 instructions, which it > was. > My question: When I got done computing the 2004 carryover to > be included for TY 2004, the amount on line 13 > (worksheet)was the same as my capital losses for 2003. Where > does the $3000 that I claimed for 2003 get deducted? > It seems that I would be "double dipping" if I claimed this > as my carryover. 2003's capital losses were $5120, I claimed > $3000. So my carry-over (line 13 on worksheet) should be > $2120, no? It seems that I would be able to "carryover" > this same amount year-after -year! I don't remember this > happening when I used previous carry-over worksheets mathematically less than zero without the capital loss. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-16-2005, 12:24 AM
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| Capital Loss Carryover Normally, the capital loss carryover for the following year is computed when doing the current year's taxes. Last year (2003), the instructions indicated that the carryover to 2004 would be included in the 2004 instructions, which it was. My question: When I got done computing the 2004 carryover to be included for TY 2004, the amount on line 13 (worksheet)was the same as my capital losses for 2003. Where does the $3000 that I claimed for 2003 get deducted? It seems that I would be "double dipping" if I claimed this as my carryover. 2003's capital losses were $5120, I claimed $3000. So my carry-over (line 13 on worksheet) should be $2120, no? It seems that I would be able to "carryover" this same amount year-after -year! I don't remember this happening when I used previous carry-over worksheets << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| capital, carryover, loss |
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