Jerohm <jDrEmLoEhTrE[at]snet.net> wrote:

- quote -

No, you don't lose it.

You enter the carryover as required on Schedule D and carry
the resulting loss, up to (3000), on Form 1040 Line 13.

Any income, even Unearned Income, such as $240,000 of
interest on US Treasury Bonds, as an example, would be
reduced by that 3000.

If you have absolutely no income other than capital
gains/loses you still follow this process and then fill
out the capital loss carryover worksheet. You will find
that even though you entered (3000) on Form 1040 Line 13,
it did not reduce your carryover amount for next year.

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

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

If your capital losses for the year EXCEEDS your capital
gains (, by $3000 or more) and you have NO earned income, do
you STILL get to carry the ENTIRE capital loss forward ???
(i.e., you don't just lose the $3000 (deduction) that would
have been allowed to offset your earned income - right?!? ).

Thank you

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >