The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Matching Gains to Losses||Date: 4/11/1999 11:19 PM|
|Author: TMFTaxes||Number: 14417 of 125435|
[[I have LT gains, ST Gains, ST Losses and a loss carry foward from the previous tax year as listed
LT Gains: $14,000
ST Gains: $ 1,200
ST Loss: $ 4,000
Tax Loss carry foward: $4,100
How do I net my losses against the two different types of gains?]]
The first thing that you have to do is determine if your loss carryforward is short term or long term...it should have been identified from your prior year return.
Then you first offset your short term gains and losses
Then your long term gains and losses
Then you net out the answer that you received in the first two steps.
The instructions for Sch D and the form itself should help you with this "netting".
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