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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: fp_scientist who wrote (60859)	2/28/2006 11:59:05 AM
From: KyrosL	Read Replies (1) \| Respond to of 206325

OT You can still claim those carryover losses in some future year when the AMT is fixed...

To: fp_scientist who wrote (60859)	2/28/2006 8:32:01 PM
From: Ed Ajootian	Respond to of 206325

fp_scientist, in computing the AMT, AMT capital loss carryovers are allowed in place of cap loss carryovers for regular tax purposes. It sounds like I'm just catching the end of your exchange of posts, but unfortunately I don't have time to go through the history. Folks that use the various 1040 software programs often get results that turn out to be erroneous, mostly because they misunderstand the input requirements. For example, if you did not enter the amount of your AMT capital loss carryover, the program would assume that it you had none. For you to have that large a regular tax cap loss carryover but no AMT cap loss carryover is just about impossible. For that matter, assuming your cap losses came just from buying and selling stocks (vs., say, real estate), in almost all cases one would expect your AMT cap loss carryover to be precisely equal to your regular cap loss carryover. If I could speak frankly for a moment, I believe someone in a position such as yours would be a fool not to engage a CPA to take a quick look at your return to make sure you have it right. For an expenditure of, say, $500, you would either save a huge amount of money or at least be satisfied that you were certain that you were getting hosed by Uncle vs. just making a mistake in working with the software.