Taxes & Losses

[runwad]

Hey all quick question. If I have losses in excess in 3k for 2009 do I get to carry them over for my 2010 taxes? I think I do but need confirmation. Thanks

 

[Cheshire Figment]

If you are talking about net capital losses (Line 16 on Schedule D) the excess over $3,000 may be carried forward from one year to the next without limit until used.

Note if you have a carryforward you must be able to differentiate between long and short term for entry on the next year's Schedule D Lines 6 and 14..

 

[runwad]

If you are talking about net capital losses (Line 16 on Schedule D) the excess over $3,000 may be carried forward from one year to the next without limit until used.

Note if you have a carryforward you must be able to differentiate between long and short term for entry on the next year's Schedule D Lines 6 and 14..

Yes that is what I mean. But your second paragraph has me confused. If it was long term this year it'd be long term next year too right? This is the first time I've been thru this. Thanks