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To: Uncle Frank who wrote (7492)4/4/2001 3:17:21 PM
From: wgh613  Respond to of 10934
 
You can deduct ALL losses from previous year against gains from new year,with a limit deduction of 3000 in losses.

Manny T.



To: Uncle Frank who wrote (7492)4/4/2001 3:19:58 PM
From: straight life  Respond to of 10934
 
You carry losses until you can use them: minimum $3k a year, but no upside limit, until the losses are used up.



To: Uncle Frank who wrote (7492)4/4/2001 3:36:11 PM
From: BDR  Respond to of 10934
 
<<Could you use all $97K against 2002 gains, or are you restricted to $3K/yr. from that point onwards?>>

uf

You are not limited to $3,000 a year in subsequent years, assuming your gains are greater than that amount. I say this as a result of (ahem) personal experience. Sorry you have not had the benefit of such an educational opportunity.(g)


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