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#3
02-28-2009, 03:35 AM
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 Re: Carryforward Losses hr(bob) hofmann[at]att.net wrote: - quote - > On Feb 24, 1:45 pm, Rich Carreiro <rlc-n...[at]rlcarr.com> wrote: > > skywaffle1_at_yahoo_dot_...[at]foo.com (JohnC) writes: > > > IRS Federal Return 2009 > > > I have carryforward capital loses from a stock sale in 2008 (who doesn't!). > > > I don't want to use any of the loses against my income in 2009. > > Doesn't matter what you want 1/2  > > > > Am I *required* to use them in 2009 if I don't want to lose them? > > Yes. > > > > Or am I allowed to carry them forward until I want to use them? > > No. > > > -- > > Rich Carreiro rlc-n...[at]rlcarr.com > I am curious where the code says you can't hold your losses. For > example, if I had long-term capital losses in 2007, declared $3000 on > my 2007 return, and carried forward $X to 2008, where does the code > say I must use $3000 of those $X lossses in 2008 and not carry the > full $X into 2009? ( I have enough to declare in 2008, 2009, and into > 2010 at this point in time, but curious). > Bob Hofmann Revenue Ruling 76-177 referring to IRC Sec. 1212(b)(1) & (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. > << ------------------------------------------------------- > |
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#2
02-28-2009, 02:03 AM
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| Re: Carryforward Losses On Feb 24, 1:45*pm, Rich Carreiro <rlc-n...[at]rlcarr.com> wrote: - quote - > skywaffle1_at_yahoo_dot_...[at]foo.com (JohnC) writes:
I am curious where the code says you can't hold your losses. For> > IRS Federal Return 2009 > > I have carryforward capital loses from a stock sale in 2008 (who doesn't!). > > I don't want to use any of the loses against my income in 2009. > Doesn't matter what you want 1/2 > > Am I *required* to use them in 2009 if I don't want to lose them? > Yes. > > Or am I allowed to carry them forward until I want to use them? > No. > -- > Rich Carreiro * * * * * * * * * * * * * *rlc-n...[at]rlcarr.com example, if I had long-term capital losses in 2007, declared $3000 on my 2007 return, and carried forward $X to 2008, where does the code say I must use $3000 of those $X lossses in 2008 and not carry the full $X into 2009? ( I have enough to declare in 2008, 2009, and into 2010 at this point in time, but curious). Bob Hofmann -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
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#1
02-24-2009, 06:45 PM
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| Re: Carryforward Losses skywaffle1_at_yahoo_dot_com[at]foo.com (JohnC) writes: - quote - > IRS Federal Return 2009
Doesn't matter what you want 1/2 > I have carryforward capital loses from a stock sale in 2008 (who doesn't!). > I don't want to use any of the loses against my income in 2009. - quote - > Am I *required* to use them in 2009 if I don't want to lose them?
Yes.- quote - > Or am I allowed to carry them forward until I want to use them?
No.-- Rich Carreiro rlc-news[at]rlcarr.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. > << ------------------------------------------------------- > |
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02-24-2009, 04:34 PM
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| Re: Carryforward Losses JohnC wrote: - quote - > IRS Federal Return 2009
to carry the loss forward to later years.> I have carryforward capital loses from a stock sale in 2008 (who doesn't!). > I don't want to use any of the loses against my income in 2009. > Am I *required* to use them in 2009 if I don't want to lose them? > Or am I allowed to carry them forward until I want to use them? > Thanks for any help. > ----- > ##-----------------------------------------------## > Newsgroup Access Courtesy http://www.rockryno.com/ > Tax and Accounting Software Forums > Web and RSS access to your favorite newsgroup - > misc.taxes.moderated - 20196 messages and counting! > ##-----------------------------------------------## You can not elect to forgo a capital loss carryforward in order -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
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#-1
02-24-2009, 04:15 PM
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| Carryforward Losses IRS Federal Return 2009 I have carryforward capital loses from a stock sale in 2008 (who doesn't!). I don't want to use any of the loses against my income in 2009. Am I *required* to use them in 2009 if I don't want to lose them? Or am I allowed to carry them forward until I want to use them? Thanks for any help. ----- ##-----------------------------------------------## Newsgroup Access Courtesy http://www.rockryno.com/ Tax and Accounting Software Forums Web and RSS access to your favorite newsgroup - misc.taxes.moderated - 20196 messages and counting! ##-----------------------------------------------## -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
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