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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Sonny Blue who wrote (191119)	9/9/2002 10:57:42 AM
From: Les H	Read Replies (1) of 436258

Washington ponders loss-carrybacks for stock losses Out of date. The limit on deducting losses is more than two decades old and ripe for updating. Losses are first subtracted from any gains to reduce the amount of taxable profits. If losses exceed gains–as they will for many sellers this year–up to $3,000 can be deducted to reduce the amount of other income hit by tax. Amounts in excess of that $3,000 must be carried over for deduction in future years. An idea that's now winning support on Capitol Hill is to boost the cap to as much as $20,000, though something like $10,000 seems more likely. Another suggestion: Allow losses not deductible this year to be claimed on amended returns for past years, resulting in a refund on prior taxes paid. One side effect of a bigger break for losses on stocks, however, could be new selling that places further pressure on a wobbly market. usnews.com greenspan: market prices are the market's business money.telegraph.co.uk McTeer doubts rates could go lower usatoday.com greenspan: the mind of god, or merely omniscient? mises.org

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