Capital Loss Answers
Are there any states or agencies that disallow capital loss rollovers when calculating current income?
Q. For example, suppose you had a million dollars in capital gains, and no other income, but also had capital loss rollovers of more than a million. Are there any states or government agencies that would consider your income to be a million dollars instead of zero? So you might not qualify for means-tested government benefits such as children's health insurance?
Asked by Dilbert - Sat Nov 5 10:55:31 2011 - United States - 2 Answers - Comments
A. Unfortunately, yes. Some states, like my state of Pennsylvania, uses a Vegas-like slogan: "What happens in one calendar year stays in one calendar year". If your capital losses in 2009 are $1M, not only can you not use it to lower your other income that year, but none of it carries forward (or backward) to the next year. None of it! If in 2010 you have a $1M capital gain to bring you right back to where you started, PA would tax on you that gain. You are effectedly taxed on no net change to your wealth. If you are engineer, think of it as a diode. You get no tax break on the loss, but pay taxes on the gain. To make matters even worse, they don't let one spouse's losses offset the other's gains. If you lose $1M in the stock market… [cont.]
Answered by TaxMan - Sat Nov 5 11:14:35 2011
Q. For example, suppose you had a million dollars in capital gains, and no other income, but also had capital loss rollovers of more than a million. Are there any states or government agencies that would consider your income to be a million dollars instead of zero? So you might not qualify for means-tested government benefits such as children's health insurance?
Asked by Dilbert - Sat Nov 5 10:55:31 2011 - United States - 2 Answers - Comments
A. Unfortunately, yes. Some states, like my state of Pennsylvania, uses a Vegas-like slogan: "What happens in one calendar year stays in one calendar year". If your capital losses in 2009 are $1M, not only can you not use it to lower your other income that year, but none of it carries forward (or backward) to the next year. None of it! If in 2010 you have a $1M capital gain to bring you right back to where you started, PA would tax on you that gain. You are effectedly taxed on no net change to your wealth. If you are engineer, think of it as a diode. You get no tax break on the loss, but pay taxes on the gain. To make matters even worse, they don't let one spouse's losses offset the other's gains. If you lose $1M in the stock market… [cont.]
Answered by TaxMan - Sat Nov 5 11:14:35 2011
Can ABC learning shares be claimed as a capital loss?
Q. I had some shares in ABC learning which are now in receivership. Can I claim their value as a capital loss?
Asked by Jonathan H - Thu Aug 20 01:15:23 2009 - Investing - 1 Answers - Comments
A. When you sell at a loss, you can claim the loss against gains or carry the loss forward into future years to be claimed against future gains. I'm not sure about receivership, but I'd say it'd still be the same because it's still a loss. Check this with an tax accountant or search the ATO web site:
Answered by Space Invader101 - Thu Aug 20 10:36:14 2009
Q. I had some shares in ABC learning which are now in receivership. Can I claim their value as a capital loss?
Asked by Jonathan H - Thu Aug 20 01:15:23 2009 - Investing - 1 Answers - Comments
A. When you sell at a loss, you can claim the loss against gains or carry the loss forward into future years to be claimed against future gains. I'm not sure about receivership, but I'd say it'd still be the same because it's still a loss. Check this with an tax accountant or search the ATO web site:
Answered by Space Invader101 - Thu Aug 20 10:36:14 2009
What is the best investment strategy for someone that has a large capital loss carryforward (over $100,000)?
Q. I am looking to understand how my portfolio should be positioned and whith what sort of holdings. I do not want to produce income - purely capital appreciation so I can try to utilize my loss carry forward in this lifetime. Would love any and all answers!
Asked by gameguy1972 - Sat Apr 2 11:59:35 2011 - Personal Finance - 1 Answers - Comments
Q. I am looking to understand how my portfolio should be positioned and whith what sort of holdings. I do not want to produce income - purely capital appreciation so I can try to utilize my loss carry forward in this lifetime. Would love any and all answers!
Asked by gameguy1972 - Sat Apr 2 11:59:35 2011 - Personal Finance - 1 Answers - Comments
How can you acquire someone else's capital loss to offset your own capital gain?
Q. I am trying to use a capital loss to offset a capital gain for this tax year and am looking for creative, legal ways to do that.
Asked by jstrisower - Fri Oct 17 00:50:55 2008 - United States - 1 Answers - Comments
A. Easy enough,,, marry the other party before the end of the tax year, then file a joint return. regards, Texian
Answered by realtime1931@att.net - Fri Oct 17 01:28:04 2008
Q. I am trying to use a capital loss to offset a capital gain for this tax year and am looking for creative, legal ways to do that.
Asked by jstrisower - Fri Oct 17 00:50:55 2008 - United States - 1 Answers - Comments
A. Easy enough,,, marry the other party before the end of the tax year, then file a joint return. regards, Texian
Answered by realtime1931@att.net - Fri Oct 17 01:28:04 2008
Can capital loss carryovers be used to SKIP a year when your income is low that year?
Q. Can capital loss carryovers be used to SKIP a year when your income is low that year (when you would receive little or no tax benefit for it that year)?
Asked by Joe - Thu Mar 20 02:38:55 2008 - United States - 3 Answers - Comments
A. You can't skip a year. You still put the losses on schedule D. However, if your income is very low, the carryforward worksheet may preserve some or all of the whole $3000 for the following year. If you have some income and it's say, in the 10% tax bracket and you wanted to save the loss for a year with a 25% tax bracket, too bad, it doesn't work that way.
Answered by a tax lady - Thu Mar 20 02:47:39 2008
Q. Can capital loss carryovers be used to SKIP a year when your income is low that year (when you would receive little or no tax benefit for it that year)?
Asked by Joe - Thu Mar 20 02:38:55 2008 - United States - 3 Answers - Comments
A. You can't skip a year. You still put the losses on schedule D. However, if your income is very low, the carryforward worksheet may preserve some or all of the whole $3000 for the following year. If you have some income and it's say, in the 10% tax bracket and you wanted to save the loss for a year with a 25% tax bracket, too bad, it doesn't work that way.
Answered by a tax lady - Thu Mar 20 02:47:39 2008
How to add capital loss from last year?
Q. I have a capital loss of 5000 dollars in 2004. I have one more loss of 8000 dollars in 2005. So my net loss is 10,000 for filing in 2005. where should I mention my loss of 2000 dollars while filing for 2005 taxes? I want to show a loss of 3000 dollars for next couple of years.
Asked by vas - Wed Apr 5 08:57:19 2006 - United States - 1 Answers - Comments
A. You will show that on a capital loss carryover worksheet. Line 6 of your Sch. D will lead you to a worksheet on page D-6 of the instructions for the schedule. The worksheet will help you to keep track of your carryforward of your capital losses. You don't have an accountant to do your taxes???
Answered by ari - Thu Apr 13 16:02:24 2006
Q. I have a capital loss of 5000 dollars in 2004. I have one more loss of 8000 dollars in 2005. So my net loss is 10,000 for filing in 2005. where should I mention my loss of 2000 dollars while filing for 2005 taxes? I want to show a loss of 3000 dollars for next couple of years.
Asked by vas - Wed Apr 5 08:57:19 2006 - United States - 1 Answers - Comments
A. You will show that on a capital loss carryover worksheet. Line 6 of your Sch. D will lead you to a worksheet on page D-6 of the instructions for the schedule. The worksheet will help you to keep track of your carryforward of your capital losses. You don't have an accountant to do your taxes???
Answered by ari - Thu Apr 13 16:02:24 2006
Does a long term capital loss help offset short term capital gains for reducing taxes?
Q. I will have short term capital gains this year from stocks I've bought and sold. I have some stocks I've held long term and could sell for a loss. I have no long term capital gains for this year. I know that federal short term capital gains are taxed as income at about 28% and long term taxed at about 18%. 1) Will selling these long term stock at a loss help to lower the my federal taxation on my short term capital gains? 2) Will each dollar of long term losses reduce my federal short term gains to be taxed by dollar for dollar?
Asked by trader - Fri Sep 7 21:33:46 2007 - United States - 3 Answers - 2 Comments
A. You can use losses to offset gains, no matter which way the losses and gains are. Long term losses can offset short term gains, short term losses can offset long term gains, long term losses can offset long term gains, short term losses can offset short term gains, etc. Net short term gains are taxed at whatever your tax rate is. Net long term gains are taxed at maximum rate of 15% (5% for those in 10% or 15% tax brackets). If losses exceed gains you can deduct up to $3,000 in losses per year against other income ($1,500 per year if married filing separately). Any excess would be carried forward to be used in future year at $3,000 per year.
Answered by PepsiLime - Sat Sep 8 04:21:56 2007
Q. I will have short term capital gains this year from stocks I've bought and sold. I have some stocks I've held long term and could sell for a loss. I have no long term capital gains for this year. I know that federal short term capital gains are taxed as income at about 28% and long term taxed at about 18%. 1) Will selling these long term stock at a loss help to lower the my federal taxation on my short term capital gains? 2) Will each dollar of long term losses reduce my federal short term gains to be taxed by dollar for dollar?
Asked by trader - Fri Sep 7 21:33:46 2007 - United States - 3 Answers - 2 Comments
A. You can use losses to offset gains, no matter which way the losses and gains are. Long term losses can offset short term gains, short term losses can offset long term gains, long term losses can offset long term gains, short term losses can offset short term gains, etc. Net short term gains are taxed at whatever your tax rate is. Net long term gains are taxed at maximum rate of 15% (5% for those in 10% or 15% tax brackets). If losses exceed gains you can deduct up to $3,000 in losses per year against other income ($1,500 per year if married filing separately). Any excess would be carried forward to be used in future year at $3,000 per year.
Answered by PepsiLime - Sat Sep 8 04:21:56 2007
I didn't accurately fill out my capital loss carryover for the last 8 years. How do I correct this?
Q. I trade stock options (very poorly) and have had a loss as a result for alot of years. I've claimed the allowable loss, but haven't been keeping up with the capital loss carryover worksheet very well. Can I go back to correct these so when I show a gain I can claim against this accumulation of losses? If so, how many years can I correct?
Asked by tom p - Sat Feb 16 10:51:30 2008 - United States - 1 Answers - Comments
A. You can go back as far as you want to correct the error, but if you are due a refund, you will only get refunds for tax years 2005 and later (assuming you correct the error before April 15.) There is a three year limit to receiving refunds for amended returns.
Answered by Richard M - Sat Feb 16 18:41:22 2008
Q. I trade stock options (very poorly) and have had a loss as a result for alot of years. I've claimed the allowable loss, but haven't been keeping up with the capital loss carryover worksheet very well. Can I go back to correct these so when I show a gain I can claim against this accumulation of losses? If so, how many years can I correct?
Asked by tom p - Sat Feb 16 10:51:30 2008 - United States - 1 Answers - Comments
A. You can go back as far as you want to correct the error, but if you are due a refund, you will only get refunds for tax years 2005 and later (assuming you correct the error before April 15.) There is a three year limit to receiving refunds for amended returns.
Answered by Richard M - Sat Feb 16 18:41:22 2008
How best to use my cumulated capital loss carryover?
Q. I have an obscene amount of capital loss carried over over the years, which will probably take my whole life time to offset with any future capital gains, and yet every year I still pay taxes on my interest incomes. Is there anything I can do better?
Asked by fifty2weekhi - Sun Mar 25 22:56:24 2007 - United States - 4 Answers - 1 Comments
A. Not really. Just take the $3,000 every year against other income -- that's mandatory by the way -- and hope for a CG windfall someday to use the balance against.
Answered by Bostonian In MO - Sun Mar 25 23:09:00 2007
Q. I have an obscene amount of capital loss carried over over the years, which will probably take my whole life time to offset with any future capital gains, and yet every year I still pay taxes on my interest incomes. Is there anything I can do better?
Asked by fifty2weekhi - Sun Mar 25 22:56:24 2007 - United States - 4 Answers - 1 Comments
A. Not really. Just take the $3,000 every year against other income -- that's mandatory by the way -- and hope for a CG windfall someday to use the balance against.
Answered by Bostonian In MO - Sun Mar 25 23:09:00 2007
Can I claim a capital loss after selling a stock if I immediately then bought warrants in the same company?
Q. For a Canadian tax return, I need to determine if I can claim a capital loss on a stock I sold if I immediately bought a warrant in the same company afterward with the proceeds of the original stock sale.
Asked by - Fri Dec 31 23:18:40 2010 - Canada - 1 Answers - Comments
A. Warrants are OK because they are a different stock symbol. However, if you exercise the warrants within 30 days, then you have a superficial loss (meaning you can't claim the capital loss on your original sale). Hold the warrants for 30 days and you'll be OK.
Answered by Fred S - Sat Jan 1 09:49:33 2011
Q. For a Canadian tax return, I need to determine if I can claim a capital loss on a stock I sold if I immediately bought a warrant in the same company afterward with the proceeds of the original stock sale.
Asked by - Fri Dec 31 23:18:40 2010 - Canada - 1 Answers - Comments
A. Warrants are OK because they are a different stock symbol. However, if you exercise the warrants within 30 days, then you have a superficial loss (meaning you can't claim the capital loss on your original sale). Hold the warrants for 30 days and you'll be OK.
Answered by Fred S - Sat Jan 1 09:49:33 2011
Is a capital loss carry over applied to deduct income when filing taxes considered a tax credit?
Q. Reason I ask is I'm planning on not itemizing for 2008 next year and I have capital loss carry over to apply however. I want to take the standard deduction and also use the carry over. Can I still do that even though I'm not itemizing?
Asked by unhappy - Thu Apr 10 06:03:19 2008 - United States - 2 Answers - Comments
A. A capital loss carryover is NOT an itemized deduction. It's an above the line adjustment and applies whether you itemize or not. You do need to file Form 1040 to take it but itemizing or not itemizing isn't a factor. And no, it is NOT a credit, just an adjustment that reduces your AGI and therefore your taxable income.
Answered by Bostonian In MO - Thu Apr 10 06:19:34 2008
Q. Reason I ask is I'm planning on not itemizing for 2008 next year and I have capital loss carry over to apply however. I want to take the standard deduction and also use the carry over. Can I still do that even though I'm not itemizing?
Asked by unhappy - Thu Apr 10 06:03:19 2008 - United States - 2 Answers - Comments
A. A capital loss carryover is NOT an itemized deduction. It's an above the line adjustment and applies whether you itemize or not. You do need to file Form 1040 to take it but itemizing or not itemizing isn't a factor. And no, it is NOT a credit, just an adjustment that reduces your AGI and therefore your taxable income.
Answered by Bostonian In MO - Thu Apr 10 06:19:34 2008
Can brokerage commissions incurred in ESOP exercises be disallowed as capital loss due to wash sale rules?
Q. When you exercise options on two different days within a 30 day window, do the wash sale rules kick in and disallow brokerage commissions to be claimed as capital losses?
Asked by Ramnath - Thu Feb 28 17:52:26 2008 - United States - 2 Answers - Comments
A. If you sell mutual fund shares at a loss and within 30 days before or after the sale you buy, acquire in a taxable exchange, or acquire a contract or option to buy substantially identical shares, you have a wash sale. You cannot deduct losses from wash sales. The fees and charges you pay to acquire or redeem shares of a mutual fund are not deductible. You can usually add acquisition fees and charges to your cost of the shares and thereby increase your basis. A fee paid to redeem the shares is usually a reduction in the redemption price (sales price).
Answered by just me - Thu Feb 28 18:00:43 2008
Q. When you exercise options on two different days within a 30 day window, do the wash sale rules kick in and disallow brokerage commissions to be claimed as capital losses?
Asked by Ramnath - Thu Feb 28 17:52:26 2008 - United States - 2 Answers - Comments
A. If you sell mutual fund shares at a loss and within 30 days before or after the sale you buy, acquire in a taxable exchange, or acquire a contract or option to buy substantially identical shares, you have a wash sale. You cannot deduct losses from wash sales. The fees and charges you pay to acquire or redeem shares of a mutual fund are not deductible. You can usually add acquisition fees and charges to your cost of the shares and thereby increase your basis. A fee paid to redeem the shares is usually a reduction in the redemption price (sales price).
Answered by just me - Thu Feb 28 18:00:43 2008
If I sell my home at a loss of $20K, but make $25K on stocks, can I claim the $20K as long-term capital loss?
Q. I have been reading about long-term capital loss, but am confused. How is this figured on Schedule D?
Asked by militarytraveler - Wed Jun 11 20:05:06 2008 - United States - 4 Answers - Comments
A. The loss on your home is not a deductible capital loss. You would claim the $25K gain on stocks on Schedule D and pay capital gains taxes (ordinary rate for one year or less, a max of 15% for more than one year holding period).
Answered by ninasgramma - Wed Jun 11 21:10:04 2008
Q. I have been reading about long-term capital loss, but am confused. How is this figured on Schedule D?
Asked by militarytraveler - Wed Jun 11 20:05:06 2008 - United States - 4 Answers - Comments
A. The loss on your home is not a deductible capital loss. You would claim the $25K gain on stocks on Schedule D and pay capital gains taxes (ordinary rate for one year or less, a max of 15% for more than one year holding period).
Answered by ninasgramma - Wed Jun 11 21:10:04 2008
Can quit claiming a property at a loss result in capital loss for tax?
Q. I have a property that I purchased at $3,000. Now I found a buyer for $1,000 and I am planning to convey the property via quit claim deed. Will I be able to file a $2,000 loss (capital loss) when I do my taxes?
Asked by tigrou - Mon Nov 14 10:23:16 2011 - United States - 3 Answers - Comments
A. If this was an investment property, yes you can claim a capital loss on the sale assuming that you are selling it at market value to an unrelated party. The method of conveyance has no affect on the capital loss.
Answered by Bash Limpbutt's Oozing Cyst c - Mon Nov 14 10:30:17 2011
Q. I have a property that I purchased at $3,000. Now I found a buyer for $1,000 and I am planning to convey the property via quit claim deed. Will I be able to file a $2,000 loss (capital loss) when I do my taxes?
Asked by tigrou - Mon Nov 14 10:23:16 2011 - United States - 3 Answers - Comments
A. If this was an investment property, yes you can claim a capital loss on the sale assuming that you are selling it at market value to an unrelated party. The method of conveyance has no affect on the capital loss.
Answered by Bash Limpbutt's Oozing Cyst c - Mon Nov 14 10:30:17 2011
does a capital loss have to be applied to income?
Q. i have a capital loss, but haven't enough income to owe any tax. my tax software wants to use $3000 of my loss against income. since i'm already at zero fed tax, this seems to waste my cap loss caryforward. if i 'tell' the software i have less 'loss' it solves the problem, but enters incorrect data on the form. help?
Asked by tribalsearch - Tue Jan 31 22:56:49 2006 - United States - 2 Answers - Comments
A. Unfortunately, the software is probably correct.
Answered by Web Maven - Wed Feb 1 01:54:11 2006
Q. i have a capital loss, but haven't enough income to owe any tax. my tax software wants to use $3000 of my loss against income. since i'm already at zero fed tax, this seems to waste my cap loss caryforward. if i 'tell' the software i have less 'loss' it solves the problem, but enters incorrect data on the form. help?
Asked by tribalsearch - Tue Jan 31 22:56:49 2006 - United States - 2 Answers - Comments
A. Unfortunately, the software is probably correct.
Answered by Web Maven - Wed Feb 1 01:54:11 2006
Why is my California capital loss carryover different from my Federal capital loss carryover?
Q. I am using Turbotax and it is calculating different capital loss carryover amounts on the federal and California levels, California being much lower. Can this be right?
Asked by Dorle - Tue Apr 10 20:00:07 2007 - United States - 1 Answers - Comments
A. It is possible. For one thing, you can carryback capital losses on your federal tax return, but you can only carry losses forward on your CA return.
Answered by tma - Wed Apr 11 06:29:53 2007
Q. I am using Turbotax and it is calculating different capital loss carryover amounts on the federal and California levels, California being much lower. Can this be right?
Asked by Dorle - Tue Apr 10 20:00:07 2007 - United States - 1 Answers - Comments
A. It is possible. For one thing, you can carryback capital losses on your federal tax return, but you can only carry losses forward on your CA return.
Answered by tma - Wed Apr 11 06:29:53 2007
Can I offset a shortterm capital gain of OVER $3K, with a capital loss carryover from previous years?
Q. I have a shortterm capital loss carryover of about $25K from earlier years of investing in stocks. I've been deducting the standard $3K yearly from ordinary income as I don't play the market much any more. If I were to play the market again and show a shortterm capital gain of $25K this year, wouldn't I be able to offset the ENTIRE amount and hold onto the entire gain?? I'm pretty sure I can, but my friend says I can't, and even his CPA supports him. Who is correct??? Shouldn't he get a new CPA?? :)
Asked by male29california - Sat Mar 17 14:31:00 2007 - United States - 2 Answers - Comments
A. To answer your final question, yes he should. In your scenario, you would have gains of $25K in the year and losses of $25K (because losses carried forward are treated as if they had arisen in the year they were carried forward to). Net result is no capital gain. In fact if you made $20,000 gain (short term) you could use $20,000 of the losses to absorb that, use a further $3,000 to create a deduction from your other income and carry forward $2,000.
Answered by skip - Sat Mar 17 15:19:45 2007
Q. I have a shortterm capital loss carryover of about $25K from earlier years of investing in stocks. I've been deducting the standard $3K yearly from ordinary income as I don't play the market much any more. If I were to play the market again and show a shortterm capital gain of $25K this year, wouldn't I be able to offset the ENTIRE amount and hold onto the entire gain?? I'm pretty sure I can, but my friend says I can't, and even his CPA supports him. Who is correct??? Shouldn't he get a new CPA?? :)
Asked by male29california - Sat Mar 17 14:31:00 2007 - United States - 2 Answers - Comments
A. To answer your final question, yes he should. In your scenario, you would have gains of $25K in the year and losses of $25K (because losses carried forward are treated as if they had arisen in the year they were carried forward to). Net result is no capital gain. In fact if you made $20,000 gain (short term) you could use $20,000 of the losses to absorb that, use a further $3,000 to create a deduction from your other income and carry forward $2,000.
Answered by skip - Sat Mar 17 15:19:45 2007
If i've sustained a minor capital loss, do i still bring the 1099-B form to?
Q. HR Block, or do I not have to report this loss to the IRS. As for a capital gain, do i just write them a check to cover the taxes on my profits? Also if my capital loss is 3,000, do I get thirty percent of that back, since I'll be exempt from taxes on 3gs worth of my salary revenue.
Asked by ~Vengeance~ - Wed May 28 18:25:23 2008 - United States - 4 Answers - Comments
A. If you want credit for the capital loss, you need to report it on Schedule D. Otherwise, you don't get the credit for the loss.
Answered by Steve - Wed May 28 18:33:36 2008
Q. HR Block, or do I not have to report this loss to the IRS. As for a capital gain, do i just write them a check to cover the taxes on my profits? Also if my capital loss is 3,000, do I get thirty percent of that back, since I'll be exempt from taxes on 3gs worth of my salary revenue.
Asked by ~Vengeance~ - Wed May 28 18:25:23 2008 - United States - 4 Answers - Comments
A. If you want credit for the capital loss, you need to report it on Schedule D. Otherwise, you don't get the credit for the loss.
Answered by Steve - Wed May 28 18:33:36 2008
if i have a large capital loss, is there ever a situation i can offest it versus income?
Q. i have a capital loss of 500k, and i'll never be able to recoup it when i claim the 3k per year. what can i do?
Asked by deege06 - Sat Nov 24 20:52:58 2007 - Personal Finance - 3 Answers - Comments
A. If you have any capital gains in future years, you can offset those with your carryover also in addition to the $3K per year that you are allowed to take against ordinary income. Geez, you did take a bath, didn't you! If you have that kind of money, large capital gains in the future wouldn't be unlikely, so you might get to use a lot of it.
Answered by Judy - Sat Nov 24 21:00:03 2007
Q. i have a capital loss of 500k, and i'll never be able to recoup it when i claim the 3k per year. what can i do?
Asked by deege06 - Sat Nov 24 20:52:58 2007 - Personal Finance - 3 Answers - Comments
A. If you have any capital gains in future years, you can offset those with your carryover also in addition to the $3K per year that you are allowed to take against ordinary income. Geez, you did take a bath, didn't you! If you have that kind of money, large capital gains in the future wouldn't be unlikely, so you might get to use a lot of it.
Answered by Judy - Sat Nov 24 21:00:03 2007
How many years can you carry over an investment property capital loss?
Q. Dear Friends, I have a home in California that was converted to rental property since 2007. I am thinking about selling it this year and am sure that I will have a capital loss of at least 80,000 dollars. I still have capital gains from other sources that are about 10,000 to 20,000 a year. How many years can I use that 80,000 capital loss towards offsetting my future capital gains? Thank you very much for your attention
Asked by shinean2001 - Tue Jul 12 00:53:45 2011 - Personal Finance - 1 Answers - Comments
Q. Dear Friends, I have a home in California that was converted to rental property since 2007. I am thinking about selling it this year and am sure that I will have a capital loss of at least 80,000 dollars. I still have capital gains from other sources that are about 10,000 to 20,000 a year. How many years can I use that 80,000 capital loss towards offsetting my future capital gains? Thank you very much for your attention
Asked by shinean2001 - Tue Jul 12 00:53:45 2011 - Personal Finance - 1 Answers - Comments
From Yahoo Answer Search: 'capital loss'
Sat Jan 14 03:37:15 2012