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Strategies & Market Trends : Beat The Street With SI Traders

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To: ralfph who wrote (73148)	3/5/2011 4:50:02 PM
From: Sexton O Blake	Read Replies (2) of 233879

I did a lot of that after the dot.bomb crash. Funny, thing happened to me with my taxes. Once upon a time for a number of years one of us had tax losses pretty much year over year. Because the S3 is short (like 2 lines) I decided to create my own S3 just for Capital Gains on shares. I included my sheet and all was good. Or so I thought, until one day I claimed a gain against a prior loss. They came back and said I had no previous losses. Wwwwwwhhhhhaaaaattt? Turns out they never looked at my sheet - I reviewed my assessments - they list the capital loss and I neglected to notice they had not been stated. So then I wrote a letter with backup for like 5 years or something. Okay - so the reason must be because MY white piece of paper does not stick out like a sore thumb among their newsprint. Maybe I need to do it in neon yellow or something. So last year we filed again - and yes I had a white piece of paper again (my S3) but THIS time I included THEIR S3 and merely wrote in the boxes "see attached" and copied in the total amounts onto the original S3 form and continued down to the bottom. Then I get my tax return and guess what. Yup. They completely IGNORED the S3 form.. Then I had to once again do a letter. Then they show the loss except now the loss is 1/2 of what I said. DUH! I followed the calculations - I showed my capital loss and carried to the bottom a 50% amount of that. However, they just decided to take 50% of that amount. So yet another letter, yet another reassessment. Moral of the story: You all better ensure your prior returns are showing the capital losses. One more thing -- if you are married and have children --- be very careful with offsetting gains for the current year with losses of other years. Things like CCTB (Child Care Tax Benefit) are affected adversely. Why? (Anyone ... anyone ...) Blake

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