SEXI: Mostly Fact, A Little Fiction, Not Vicious Attacks Message Board

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Microcap & Penny Stocks : SEXI: Mostly Fact, A Little Fiction, Not Vicious Attacks

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To: brian salerno who wrote (7276)	11/19/1996 10:25:00 PM
From: ftth	of 13351

Brian: A loss can be used two ways: 1) to OFFSET capital gains in the year the loss is taken and 2) as a capital loss DEDUCTION up to $3000 against ordinary income in that year, but not until you've entirely offset capital gains for that year. Any loss that remains after this is carried forward (capital loss carryforward) to the next year, where the same thing applies, and the next year, and so on until the loss has been completely nullified. The loss retains its status as short term or long term, whichever it was originally. This info is from page 68 of IRS publication 550. D.H.

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