Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next
Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 124777  
Subject: Re: Tax return for Minor Date: 3/28/2012 9:12 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
So do I file forms 8949 and Sched D,


but enter "0" on Sched D line 21 and 1040 line 13?

Nope. Just follow the normal instructions for these lines.

NEXT year, when you start preparing his return for 2012, get the instructions for Schedule D and look for the capital loss carryover worksheet. The version for carrying over losses from 2010 to 2011 is in the 2011 instructions, on page 11. . That worksheet will tell you how much of the loss from 2011 you can carry over into 2012. As Phil said, the answer in the back of the book is "all of it", but the worksheet should confirm this. And it's much more official than Phil's word. Or mine. ;-)

If you want to play with it, you can use the worksheet in this year's instructions. Just be aware that the line references are probably wrong, as schedule D had a major redesign for 2011. You'll have to look at the 2010 forms and find the equivalent information on the 2011 forms.

How long can capital losses be carried forward?

Capital loss carryovers are lifetime.

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.