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3k Capitol Deduction
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DB
Dec 28, 2009, 9:23:38 AM12/28/09
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I know that only 3k of capitol losses can be deducted from income, however,
consider this: If I had 6k in capitol gains in 2008, and 6k in capitol
losses in 2009, can I deduct the whole 6k for 2009 taxes, or some from the
2008 gains? Thanks.
consider this: If I had 6k in capitol gains in 2008, and 6k in capitol
losses in 2009, can I deduct the whole 6k for 2009 taxes, or some from the
2008 gains? Thanks.
Don Priebe
Dec 28, 2009, 9:33:13 AM12/28/09
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No. The excess over $3,00 of capital loss can only be carried foreword in
time, not backward.
--
Don EA in Upstate NY
scott s.
Dec 28, 2009, 2:06:36 PM12/28/09
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"DB" <x...@x.com> wrote in
news:GtSdncVR8uoZIqXW...@earthlink.com:
news:GtSdncVR8uoZIqXW...@earthlink.com:
I think you will find that capital losses will carry forward, but not
back, so you had to pay tax on the 2008 gains. But for 2009, the
6k capital loss will be used agains any capital gain for the year, and
the 3k limit is for deducting against "ordinary" (non-capital gain)
income. Any left over after that is carried forward to 2010.
scott s.
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