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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Zeuspaul who started this subject1/18/2002 10:35:11 AM
From: RoseCampion  Read Replies (2) of 5810
 
TurboTax seem to imply that if I have a capital loss of greater than $3000 in 2001, I must deduct exactly $3000 of it in that tax year - no more, no less. In fact, their forms won't let me change the $3k number at all, and insist on flowing it forward from Schedule D to the 1040.

But at least some of the IRS instructions seem to imply that I can choose to defer the entire loss until another tax year (when, say, I can use it to offset capital gains in that year). Which position is correct?

TIA,
/Rose/
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