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Financial Planning / Tax Strategies
|Subject: Re: Net Long Term Gain and Loss||Date: 12/26/2000 10:38 AM|
|Author: AZBJ||Number: 43382 of 121572|
I probably shouldn't be working the boards, because I'm tired and cranky, but would you please stop what-iffing and answer my question? We'd really like to help, but right now you're asking for confirmation of what your accountant has told you, but you won't tell us exactly what he told you and what your numbers are so we can verify or rebut.
Geez, Phil. If I wanted to be grumped at, I could have asked my accountant for the 100th time.
1. What your capital loss carryover from 1999 is; He did not say an amount. I would assume
it would be between $1.00 and $3000.
2. What your year 2000 realized capital gains and losses are; As I stated in my original post:
LTCG of $80,000.
LTCL of -10,000.
STCL of -40,000.
net capital gains/losses $30,000.
3. What stock transactions you're contemplating (e.g. a sale for a long-term loss of $5,000);
That would be the question - I have losses that range from two or three thousand up to fifty. If I sold a LTCL of $10,000, would that lower my income to $20,000 or $20,000. - the caryover?
4. What you asked your accountant; Since I have a carryover of loss from last year, is there any reason to dump some of my losers?
5. What he told you. "Not really."
Cheer up! "what-iffing" is a perfectly reasonable exercise when planning taxes.
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