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Capital Losses vs. Little Income

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704set

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Feb 18, 2003, 2:24:07 AM2/18/03
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The gross income on this return is about $2000 with about $5000 in capital
losses.

Turbo Tax is using $3000 for the loss resulting in $-1000 adjusted gross
income. Is this correct? Should only $2000 be used for tax losses? If
not, is the other $1000 in losses then wasted?

Thanks,
704set


D. Stussy

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Feb 18, 2003, 3:01:42 AM2/18/03
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Look at the capital loss carryforward sheet and you will find that it is not
wasted. There may be a $3k deduction, but not all of it is absorbed.

704set

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Feb 18, 2003, 8:21:46 AM2/18/03
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Yep. There it is. Thanks.

704set


"D. Stussy" <kd6...@bde-arc.ampr.org> wrote in message
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