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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: KeepItSimple who wrote (177133)7/2/2002 8:38:38 PM
From: Don Lloyd  Read Replies (2) of 436258
 
KIS -

taxcut.com

Capital loss
"The loss from the sale of assets such as stocks, bonds, mutual funds and real estate. Such losses are first used to offset capital gains and then up to $3,000 of excess losses can be deducted against other income, such as your salary. Long- and short-term losses (distinguished by whether the property was held for more than one year or a shorter period of time) are first used to offset gains of a similar nature. Any excess first offsets the other kind of gain, then other types of income...."

money.msn.com

Capital Loss Carryover
"The amount of capital loss not allowed as a deduction in the current year and carried over to the next year. You are limited to $3,000 of capital losses you may use to offset ordinary income in one year, but you may carry the excess losses forward indefinitely until they are used up."

These are not definitive, but in all cases the $3k limit is attached to non-capital income.

Regards, Don
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