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

To: sailor who wrote (886)	4/1/1998 10:08:00 AM
From: Devgan	Read Replies (1) \| Respond to of 5810

Is there a limit of some $3000 which you can claim as losses in a year? Say I had $10,000 loss and $12,000 in gains, is the taxable capital gain = $2000? Thanks! Devgan

To: sailor who wrote (886)	4/1/1998 10:11:00 AM
From: VincentTH	Read Replies (1) \| Respond to of 5810

>>You will not be able to electronically file as your trades excede the max for that. I use Turbo Tax to self-prepare mine, but has not seen this documented anywhere (i.e. if schedule D overflows to Schedule D1, one cannot file electronically). Is this an IRS limitation or a TurboTax limitation? If I remember correctly, the limitation is $999,999 or something like that, which I never bother to look or remember since it is impossible for my income/trade to reach that figure.