Thanks for all of you.
I had filed 2007’s with the correct loss in 2006 plus the correct loss
in 2000 without each year of $3000 deduction after.
I did file 1040x for 2006.

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

Phil Marti wrote:
- quote -

Check Pub 552 "Recordkeeping for Individuals", it spells out in a table
what the time limitations are if you don't file a return or understate
your income by a certain percent.

-Mark Bole

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

"Seth" wrote:

- quote -

I haven't looked at this recently, but IIRC, the refund and assessment
statutes do not run in tandem. IOW, there are cases in which IRS has longer
than 3 years to assess deficiencies, but the taxpayer doesn't have the same
amount of time to claim a refund. Of course, if the IRS assesses additional
tax under such a statue the taxpayer can pay it and claim a refund within 2
years of payment even though all is well beyond the original statute.

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- > << 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 <0Gojk.248$iM5.6[at]trnddc07> , Phil Marti <prm20871[at]verizon.net> wrote:

- quote -

Thank you for the correction.

But in some cases, it's beyond the 3 years I can claim a refund, but
still within the assessment period for the IRS, right? (e.g. If it's
within 6 years and I restate my income with a 30% increase.)

Seth

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

<removeps-groups[at]yahoo.com> wrote in message
news:6f2b8873-d5b0-43fe-903a-e863e7a17bf7[at]p10g2000prf.googlegroups.com...
- quote -

Capital losses don't create NOLs for individuals. -IRC 172(d)(2).

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

On Jul 28, 2:59 pm, Alan <sfcnm-...[at]yahoo.com> wrote:

- quote -

It might make sense to amend 2004 if the person is a resident of
California. They allow four years to file an amended return, so you
can at least get back the California portion for that year, if not the
federal. I don't know about other states.

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

On Jul 29, 5:25 pm, LoTax <lo...[at]hotmail.com> wrote:

- quote -

Does he have to take the 3k loss, then do a NOL carryforward or
carryback?

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

It is quite possible that the "intervening" years *don't* use up
$3,000 per year of the capital loss carryover. It depends on what
other taxable income is on those returns. If OP's taxable income is
low enough for any of those years, he'll be entitled to *not* piss
away $3,000 of the loss for that year, saving more of it for 2007,
when it will help him.

OP, what's your taxable income for the years 2001 through 2005? Is
it really low? Like, is that maybe why you didn't even claim the loss
carryover in those years? Did you file returns for those years???

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

On Jul 26, 9:09*am, alphaga...[at]gmail.com wrote:

- quote -

Were you financially disabled from 2001? If so, the time to amend
your return and get a refund is extended. Otherwise, you've forever
lost 3k each year from 2001 to 2003, and maybe even 2004 (if you filed
an extension for 2004 return it would be due 15 October 2005, and
three years from that date is 15 October 2008, and that's 3.5 months
away).

http://www.taxalmanac.org/index.php/...edit_or_refund

Search for "Financially disabled".

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

"Stuart A. Bronstein" wrote:


- quote -

No. If the assessment statute is still open and an amended return is filed
the statute is held open n days after the amended return filing (I don't
know the exact number, but it's not a full 3 year assessment statute) to
allow time for processing. If the amended return is filed after the
assessment statute for the original has expired, there can be no further
assessment.

--
Phil Marti
Clarksburg, MD

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

"Phil Marti" <prm20871[at]verizon.net> wrote:
- quote -

Doesn't the statute start again from the filing of the amended return?
That's what I would have thought, anyway, but I can see how it could be
the way you describe it, too.

Stu

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

LoTax wrote:
- quote -

correct loss and the correct loss carryforward to 2001 (appears
to be 27000).

I see no need to amend the closed years of 2001 thru 2004. Those
years just suck up $12,000 of the $27,000 loss. That leaves a
$15000 loss carryforward to 2005. He should amend 2005 to take
his $3000 loss, as that year is still open, and carryforward the
remaining $12000 loss to 2006. He should amend 2006 to pick up
his 17000 of losses, deduct $3000 and carryforward the remaining
loss of $26000 to 2007.

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

"Seth" wrote:

- quote -

That one I have researched, and you're flat-out wrong. If assessment is
barred by statue IRS cannot assess even if you file an amended return. And
if they cannot assess they cannot apply money to the account even if you
pay. (You could always send it off to pay off the national debt.)

We had a discussion of the issue some time ago in this forum regarding
amending an estate tax return after the assessment statute was closed.
--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- > << 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 <1348475[at]news.IPSWITCH.COM> , Dan Lanciani <ddl[at]danlan.*com> wrote:

- quote -

If amending a closed year results in a higher tax, it has to be paid
(with interest and maybe penalties). The 3-year limitation is
one-way.

Seth

--
<< ------------------------------------------------------- > << 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 <8c644914-217a-4ae7-a97a-ceb124c27bfa[at]2g2000hsn.googlegroups.com> ,
LoTax <lotax[at]hotmail.com> wrote:

- quote -

I think he should: otherwise, when his returns are examined, a Capital
Loss Carryforward will "appear" out of thin air (that is, not on the
previous year's return).

On the other hand, amending the last non-refundable year will mostly
avoid that. (The amended return will have the sudden appearance, but
the refund can't be made so it might not receive much scrutiny.
Subsequent years will appear consistent.)

Seth

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

On Jul 27, 2:44*pm, "A.G. Kalman" <sfcnm-...[at]yahoo.com> wrote:
- quote -


But didn't the OP say that "After having the 2000’s trades rechecked I
have realized that I had
lost $30,000 instead of $13,000 which had been reported to IRS." Some
of these $30,000 of losses look like they should carryover to 2007
from 2000, even with "absorption" in the intervening years....

And also, I said he could and should refile - amend - his
"intervening" year returns. Phil said he couldn't, which I disagree
with. Whether he has to or not is still, I think, up in the air.

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

"Ernie Klein" wrote:

- quote -

To me it boils down to a question of what establishes the carryover that
goes on the current Schedule D. Is it the loss itself, with the annual
application of it from the loss year to present, or is it the annual
reporting of it on Schedule D?

Again noting that I haven't researched this, it seems to me that once the
loss carryover is established and reported on Schedule D for the loss
transaction year its future application is set. Thus, in a year in which
there were no Schedule D transactions, the application of $3,000 to other
income (and the corresponding reduction in carryover loss to the next year)
happens whether it's reported on Schedule D or not. (The same would be true
if there were Schedule D transactions.)

If the taxpayer neglected to take advantage of that $3,000 and the year in
question is closed, I don't see the point of filing an amended return which
can't claim a refund just to account for the carryover. You can do that on
a piece of paper to come up with the amount to put on the Schedule D being
filed or (timely) amended.
--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- > << 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 <CT2jk.183$JH5.13[at]trnddc06> ,
"Phil Marti" <prm20871[at]verizon.net> wrote:


- quote -

have to file an amended 2001 return on order to carry over to 2002,
etc., etc., until the present (if anything is left to carry over).

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

In article <7b0f1874-8ae3-42fa-ac15-4db4add96905[at]b1g2000hsg.googlegroups.com> , lotax[at]hotmail.com (LoTax) writes:

| I think just the opposite. (No, Phil, you won't hit the lottery) I
| think that alphaga can change his returns, no matter how much time has
| passed. The three-year statute of limitations prohibits *getting a
| credit or refund* from amending a return. It does not/should not stop
| you from correcting mistakes on returns, especially when they affect
| your carryovers to subsequent years.
|
| I didn't pay enough attention to alphaga's details to be able to tell
| him exactly what he can do about correcting the earlier year losses,
| but I'm pretty sure that he can amend "early* returns, and that he
| *should* amend them, when the changes will affect - favorably affect -
| *later* returns. Be prepared, however, to defend the earlier years'
| returns, if the IRS challenges them!

What if amending a closed year would have a favorable effect on
later returns but would result in a higher tax in the closed year?

Dan Lanciani
ddl[at]danlan.*com

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

Phil Marti wrote:
- quote -

from 2000 has been absorbed by 2001, 2002, 2003 and 2004. There
is no need to amend those returns as the end result is no change
to taxes paid. The OP starts with the 2006 loss. If 2006 did not
include a $3000 loss, then 2006 should be amended to account for
the $3000 loss and obtain a refund. Carryover loss to 2007 is
$14,000.

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