- quote -

use the loss carryover sheet since erroneously I never filled out the
Sch D to reflect the prior carryover. I now see why your initial
answer was 'it depends'
My new answer to the question is that I used $2650 in 2007 even though
I didn't file a return. I now have $4350 carryover for 2008.
Thanks for sticking with me!

========================================= MODERATOR'S COMMENT:
"By George. I think he's got it!" [H. Higgins] Good for you!

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

"Don Priebe" <priebe[at]iname.com> wrote in message
news:UQm9l.4759$Es4.375[at]nwrddc01.gnilink.net...
- quote -


always best to do the calculations. I didn't have the forms handy. Kind of
a gyp. And any talk of increasing the $3000 limit may be a double edged
sword (I still vote for increasing the limit!)

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

"Arthur Kamlet" <kamlet[at]panix.com> wrote in message
news:gk3v7i$aog$1[at]reader1.panix.com...
- quote -


It doesn't sound like is trying to CASUALLY ignore the worksheet, he is
asking specific questions to determine if he can thoughtfully ignore it.

I think he can, see
http://www.fairmark.com/college/kidt...rcarryover.htm

however, for a first year under this scenario, your advice to fill out a tax
return and the worksheet is good advice, painful though it may be.


========================================= MODERATOR'S COMMENT:
As others have posted, the worksheet cannot be ignored and results
in some but not all of the annual $3,000 limit being used up.

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

- quote -

With those numbers, you will use $2,550 of your $3,000 allowed loss. You
actually use your loss until your AGI less deductions (NOT COUNTING YOUR
EXEMPTIONS) goes to zero. It's too bad we don't have a good word for the
amount shown on line 41.
--
Don EA in Upstate NY

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

"roggo" wrote:

- quote -

If your AGI figure is correct you used some of your carryover. To find out
exactly how much, complete the carryover worksheet.

--
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 <5e2d4cc5-708b-4846-b8f8-171cf1c563cb[at]35g2000pry.googlegroups.com> ,
roggo <roggo[at]att.net> wrote:
- quote -


No, No. No. No!


Once again. Fill out a tax return. That includes filling out the
Capital Loss Carryover Worksheet.



Otherwise why would they have such a worksheet if it can be ignored
with no effect? Answer: It can;t be casually ignored. You have to
fill it out. Then tell us the results.
--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

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

- quote -

Interest $1000
Qual Dividend $1000
Pension $6000
Social $25000
AGI $8000
Taxable Income after SD and Exempt $0
Tax $0

Am I correct that I did't 'need' any of my loss carryover for 2007 and
therefor still have the full $7000 available for 2008 and beyond?
Thank you.

--
<< ------------------------------------------------------- > << 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 <0e557320-71de-4ba2-b3e5-26b62cb32520[at]p36g2000prp.googlegroups.com> ,
roggo <roggo[at]att.net> wrote:
- quote -


Even if you had too litle income to file, you might or might not have used
up some of your capital loss.

Fill out a return, no need to file it, and see how much, if any, of the
capital loss carryover you used up for 2007.


- quote -

--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

--
<< ------------------------------------------------------- > << 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 2006 I had a capital loss carry over of $7000.
In 2007 my taxable income was low enough that I had no filing
requirement, Is the loss carry over that I can use in 2008 $7000 or
$4000? ($4000 being the $7000 minus $3000 being applied against income
in 2007 even though I did't need to file) In other words do I use a
minimum of $3000 of the capital loss carryover every subsequent year
whether I need to or not?

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