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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121585  
Subject: Re: offsetting short-term cap loss Date: 3/9/1998 11:16 AM
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[[s there any possible way to offset this short-term cap loss? I had a $2,000 gain from Treasuries I
held in the first half of '97; can these offset each other? Can I somehow carry-over this short-term
loss in '97 to offset my (hopefully) larger gains from sales of my UG5 stocks in '98???]]

The only way that you can offset capital losses is with capital gains. If you have no offsetting gains for 1997, it is certainly too late now to create some. But the good news is that you can deduct $3k of those net losses against your other "ordinary" income in 1997...and will be able to carry the remaining $3k over to tax year 1998 in order to offset 1998 tax gainers.

For additional information on how Stock gains and losses work, see IRS Publciation 550. Also review Schedule D and instructions.

TMF Taxes
Roy

SPECIAL NOTE: I try to answer as many questions as I can each week, and I generally select those that have not been asked before. If you don't get a detailed answer to your question, it is probably because my time is so limited during tax season, or because it has already been asked and answered in this folder in the past, or because it has been discussed in the Taxes Frequently Asked Questions area. In order to visit the Taxes FAQ area, go to the Fool's School area (http://www.fool.com/school.htm) and check out "Other Features" in the list box, OR you can jump directly to the Taxes FAQ area (http://www.fool.com/school/taxes/taxes.htm). Additionally, if any references were made to the IRS Web Site, you can get there by pointing your web browser to (http://www.irs.ustreas.gov)
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