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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: diana g who wrote (261)	12/15/1997 10:22:00 AM
From: Colin Cody	Read Replies (2) \| Respond to of 5810

diana, In your 1st example you probably would be allowed tho take the $6K loss against the $3K profit, ending with a $3K loss overall, which would be used in 1997, NOT carried over to 1998. . If something WAS carried over to 1998 it is your choice as to using it "against your 1st quarter extimated taxes" or applying it evenly over all the 1998 quarters. If you apply it against the 1st quarter, then you are electing to basically apply EVERYTHING you have in 1998 to the specific quarter it belongs to. . In you $40,000 question and S-T gain question, again it is YOUR CHOICE, as I described above. . Colin