Hi there,
One more question, about capital gains. Can long term loss carry overs from previous years be applied against short term gain in a current year?
In pub 544, it says "A longterm capital loss you carry over to the next year reduces that year's longterm gains before its shortterm gains." But Schedule D is structured only to apply long term loss carry overs against long term gains.
If the answer above is yes, as I have no long-term gains for the year in question, would I simply enter whatever portion of the long term loss carry over I need to eliminate the short term gain on the short term loss carry over line (line 6), and then enter whatever is left over, after eliminating the short term gain, on the long term loss carry over line (line 14), to carry forward to future years? (I hope that question is not as confusing as it looks!).
I really appreciate all the help. I'm so impressed with this forum.
Warm Regards
Reduce short term gain with long term loss carryover?
Moderator: Mark T Serbinski CA CPA
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Not really a cross-border issue, so I'll defer to this atricle:
http://www.boston.com/business/personal ... osses.html
http://www.boston.com/business/personal ... osses.html
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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- Posts: 54
- Joined: Sun Oct 26, 2014 12:03 am
- Location: Victoria, BC, Canada