Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 0
I have a capital loss (on my S-chapter corp) this year, which is eligibler for Cap Loss Carryback to the previous 3 years. My question concerns how I fill in the blanks correctly: namely: the loss shows up on my K-1 statement, which would normally flow through my Schedule E to the first page of my 1040. However, I don't have the income to offset it on my personal 1040, so I need to carry it back to 1998, where it can do some good for a refund. Do I take the figure off the K-1, bypass my Schedule E and 1040 altogether, and fill out a Schedule X for 1998, filling in the full loss to process a refund, or...... do I somehow still show the loss from the K-1 on my Sched E, 1040, and somehow take the balance leftover from adjusted gross income, and process THAT amount on a Schedule X for 1998. Many thanks for any help you can give me.

Print the post  


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.
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.