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Subject:  Changing one's tax year Date:  3/14/2001  5:46 AM
Author:  ericlind Number:  48381 of 127616

My tax year for at least the past 6 years has been Jan to Dec. Would it be possible to change it from August to August? In September of last year I sold off some holdings before the second market melt-down and now have capital gains of about $26,000. I qualify for the foreign earned income exclusion since my regular income is earned overseas. I am scheduled to pay about $2,700 tax on the $26,000 captial gains from securities I sold last September. Some of that gain I have since lost in the recent bear market. Could I claim my tax year now from August 1999 to August 2000? If so, I would be able to offset some of the gains by combining them with losses from the past three months of 2001 by establishing a new tax year from August 2000 to August 2001. Is this possible? If so, how do I go about doing it. Any advice is appreciated.


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