My 2011 taxes have already been filed. Is it possible to include a 2011 capital loss in the 2012 tax year (next tax season)? I don't really want to have to file an amended return for this year.
Great question, I'm in the exact same situation.
You need to file an amended return. Stock transactions are reported in the calendar year they occured.
Thanks. I was afraid of that. I suppose I'm out of luck then, as the return I have already filed includes the maximum $3,000 capital loss already from the sale of some inheritance property. An amended return would have a neutral effect on the return that has already been filed, so it's not worth the effort.
Unless, that is, by filing an amended return I could increase the amount of carry over for next year?
Unless, that is, by filing an amended return I could increase the amount of carry over for next year? Yes, if amending increases the loss then the increased unused amount would be carried over.
The loss does carry over. The amended return, 1040X, is not that big a deal. You don't have to redo the whole tax return. You just change the part that is to be changed. Not that big a deal. Read the instructions to form 1040X. Best wishes, Chris
Thanks. Now I just have decide if I want to go through the hastle.
Now I just have decide if I want to go through the hastle. I'm sorry I didn't pay closer attention to this thread. What exactly did you leave off your return? If it was a sale reported on a 1099-B you must amend. Otherwise the IRS's computer will see the sale from its copy of the 1099 and assume a zero basis, thus a gain equal to the sale proceeds.PhilRule Your Retirement Home Fool
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