On Jan 23, 11:24 am, "Paul Thomas, CPA"
<paulthomascp...[at]bellsouth.net> wrote:

- quote -

The Republican presidential platform asked to increase to the $3000
to
$15000. Increases have been mentioned several times. Dems aren't
interested in this, but may need a compromise in the future.

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"Ray" <rayj.balt[at]DELTHISverizon.net> wrote
- quote -





Capital losses are carried forward only.

I am not aware of any provision in any Obama plan that would allow capital
losses to be carried back. So don't expect things to change on at least
that tax front. And really, it's more likely that capital gains will go up
in the future, so who would want to carry losses back to a lower tax bracket
year instead of carrying them forward to offset gains that most likely will
be taxed at a higher rate?




--
Paul A. Thomas, CPA
Watkinsville, Georgia

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

Ray <rayj.balt[at]DELTHISverizon.net> wrote:

- quote -

Only forward. (NOL can carry backwards, also corporations may be
able to carry back a capital loss, but not individuals.)

Steve

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

It now looks as if I'll have a net capital loss of $8,000 this year.

In previous years, I paid taxes on cap gains.

I'm aware of the $3,000 limitation. But do I go backward, or forward.

I guess I can count on Turbo Tax to handle this problem automatically -- can
I?

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