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Strategies & Market Trends : The Amateur Traders Corner -- Ignore unavailable to you. Want to Upgrade?

To: Agamemnon who wrote (15628)	11/5/2001 8:51:05 AM
From: Paul A	Read Replies (3) \| Respond to of 19633

yup.. im 100% certain.. For example, lets say in 91 I lost $100k.. 92 comes along and I manage to squeek out a 10k gain.. So the 10k matches against the carryover, and then I can take an additional $3000 from that carry over leaving me with $87,000 to carry over into 93.. and of course in 93 same thing applies.. IRS told me you can do this for 5, 10, 20- however long it takes.. or you could just take the $3000 each year if you dont have gains to match it against.. If you read the IRS handbook, you will swear I am wrong.. Its very vaque.. Like I said- this was huge for me because once I confirmed that this was in fact how to work with loss carryovers- it made it worth my time to keep trying to figure the markets out and be successful.. I argued with alot of people about it, and in an ironic twist- I was audited a while back for taking IRA deduction while my company claimed it had a 401k.. when I was straightening that matter out I took that opportunity to inquire about the carry over arguement.. Actually if you go into turbo tax and play with the numbers it will also confirm what IM saying.. Just stick a false carry over, and give yourself a substantial gain and you will see it will pull from the carryover.. Hope all this helps you.. See? my esperiences as a loser are paying off!