On Dec 27, 12:15 pm, Zorro <shivaen...[at]gmail.com> wrote:
- quote -

Thats a definite maybe...

If the property is considered capital gain property, than it receives
capital gain/loss treatment
and the carryover rules apply.

However, the property can be considered a trade or business, and then
it is treated as ordinary income and accordingly, has no impact on
capital gains or losses.





___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----





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"Zorro" wrote:

- quote -

Yes. Unless you incurred your carryover loss in 2006, by now you should
have seen that the entire carryover goes onto the next year's Schedule D,
where it's included in the netting process. See Schedule D.

--
Phil Marti
Clarksburg, MD

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Have a question on Capital Gains from property sales. Can I offset any
Capital Gains from a property sale against my current Capital Losses
which I have been using at the standard rate of $3000/year/

Inotherwords, if I have a total outstanding capital losses of
$50,000.00 which I was depleting by $3000.00 every year and if I sell
a property which ends up in accruing gains of $50,000, can I use this
gains of $50,000 on Schedule D and in essence completely zero out all
of my capital losses and not pay any Capital Gains taxes?

Thanks

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<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >