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If you have short-term capital losses in excess of your gains and the $3,000 of ordinary income it offsets, you carry the remaining losses forward. In the next year, those short-term losses will cancel out any short-term gains first, then be applied against long-term gains, then to another $3,000 of ordinary income. Right?

--fleg
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If you have short-term capital losses in excess of your gains and the $3,000 of ordinary income it offsets, you carry the remaining losses forward. In the next year, those short-term losses will cancel out any short-term gains first, then be applied against long-term gains, then to another $3,000 of ordinary income. Right?

Correct.

Ira
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Correct.

Thanks. You'd think I would know this cold since I've done my own Schedule D's for decades and worked a season for H&R Block. But I worked in a poor part of town and didn't see a single Sched D all season. And I've never had any losses to carry forward until 2008.

--fleg
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