anon[at]invalid.com (tex=A0shalter) posted:

- quote -

Yes, you can use capital loss carryovers in any tax year to
offset Capital Gains -- up to the extent of the carryover.

But you cannot otherwise use them to offset ordinary income
beyond the $3,000 annual limit.

Bill

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"tex shalter" <anon[at]invalid.com> wrote:

- quote -

Pick winners.

Each year the carryover goes to Schedule D to be netted with
that year's capital gains and losses. So, if you start the
year with a $20,000 loss carryover and have a net $10,000 of
gains realized during the year, you apply $10,000 of the
carryover to the gains and $3,000 to other income, leaving
you with $7,000 to carry to the next year.

--
Phil Marti
Clarksburg, MD

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Is there any way to accelerate capital loss carryovers past
$ 3000 per year

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- >