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To: LionHeart who wrote (6783)7/29/1998 2:08:00 PM
From: Q  Respond to of 11684
 
no that's not correct

take that same scenario, you can offset your gain w/your loss. So you'll have 4k of losses left, out of that 4k you can report a loss of the 3k(i forgot if it was 3k or 4k the IRS allows) and roll 1k over till next year.



To: LionHeart who wrote (6783)7/29/1998 2:08:00 PM
From: Cliff Daniel  Read Replies (4) | Respond to of 11684
 

Can not write off no more then $3000, and the IRS will look at gains


What if you had 0 gains and 15k losses. SOL ?

Cliff



To: LionHeart who wrote (6783)7/29/1998 2:12:00 PM
From: Gary Clarke  Read Replies (1) | Respond to of 11684
 
How many years can you carry a loss forward? Until it goes to zero? Gary


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