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

To: x70sxn who wrote (2029)	3/21/1999 11:13:00 AM
From: Gorak Shep	Read Replies (1) \| Respond to of 5810

I am filing Scd D. I used a carry over worksheet for 95 and never used it so far. Can I use the loss of 95 now in 98. The line 6 of schd D bother me cus' it specifically mentions 97 worksheet, which I did not file. First, you don't file the carryover worksheets but you are supposed to compute them and keep them from year to year as you have carryover losses. I believe you are supposed to compute the carryover worksheet each succeeding year and use up the loss if you have gains in those new years to match against or at least use up the $3,000 max even if it does not reduce your taxes in those years. So I don't believe you can legally just use the loss from 1995 in 1998. I think you need to figure the worksheet for 1996 and for 1997 to see what carryover you have left to apply to 1998 if any. And you may want to amend your 1996 and 1997 taxes if they would have been reduced by enough to justify the trouble.