6AA000.13545013042008[at]news.newsguy.com...
- quote -

Thanks Ernie. Now I remember. For some reason I had the 2 confused.

Jeff

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

In article <fmsMj.8669$3N1.8487[at]newsfe17.lga> ,
"Jeff" <Willliam[at]naol.com> wrote:

- quote -

Yes and no. Only $3000 can be used to offset _ordinary_ income, but you
can use capital loss carry over to offset _any_ amount of capital gains
for the year, up to the amount of the carry over loss. In other words,
if you wish to sell an investment that has large capital gains and you
have a large carry over loss, you can use the carry over loss to offset
the gains on the stock sale and not pay capital gains tax on the stock
sale.

--
-Ernie-

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

"D. Stussy" <spam[at]bde-arc.ampr.org> wrote in message
news:ftsbgu$pks$2[at]snarked.org...
- quote -


So whatever the amount I had carried over from last year, only $3,000 of
carryover long term losses can be used for this year (or any year?)? At
$3,00 per year it can take many many years to use it all up if you have
a large carryover amount .....

Jeff

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

"Jeff" <Willliam[at]naol.com> wrote in message
news:zebMj.65848$y05.6113[at]newsfe22.lga...
- quote -

There's a worksheet in the 1040 instructions for that - Page D-7. Of
course, you will need your prior year's return in order to have the amounts
to fill in.

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

In article <zebMj.65848$y05.6113[at]newsfe22.lga> ,
"Jeff" <Willliam[at]naol.com> wrote:

- quote -

The carryover is entered on lines 6 and 14 of Schedule D. It will all
be used, but then if your net loss including carryover is greater than
$3,000, the remainder will be carried forward to next year.

--
Barry Margolin, barmar[at]alum.mit.edu
Arlington, MA
*** PLEASE don't copy me on replies, I'll read them in the group ***

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

Where in this year's tax forms do I find out how much of last year's
carryover capital gains losses were used and how much is left over for
next year?

Sorry for the dumb question. I am using taxCut and cannot find where
that info is to be found.

Jeff

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >