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To: jhild who wrote (10846)	10/26/1998 2:21:00 PM
From: George C. Grasser	Respond to of 11684

Thanks. That answer was even more concise then the CPA gave me. She's my landlords wife and had did my taxes previously and I had expected her to go into detail with me, but she seemed like she did not have all the answers. So I really appreciate your response. George

To: jhild who wrote (10846)	10/27/1998 3:04:00 PM
From: LT	Read Replies (2) \| Respond to of 11684

Excellent explanation jhild, I see this misconstrued so many times,on the SI threads. Step one on schedule D is to net losses against gains. If you sold a stock at a profit you can net your losses against that gain and come up with a net gain or loss. Only if you have a net loss, after this process, does the $3000 max off income apply. If that "net loss" figure exceeds $3000 you can carry the remainder over to future tax years. Eventually you should be able to deduct your total losses in $3000 blocks, in as many tax years as that might take :) LT