Tax Question: Capital Gains / Loss

Doug E · 03-14-2010, 02:18 PM

Spent the day doing our Federal and State (had to do 2 due to a move) returns ... there goes 6 hours I'll never get back.

Anybody know of a way a married filing jointly federal return can use more than the $3,000 capital loss from a carryover perspective ? I'd like to be able to apply more of the carry forward loss we have due to market investments but I can't see where that is possible.

We don't own any businesses, rental properties, etc. ... just a run of the mill 1040 filing.

Thanks.

widgeon13 · 03-14-2010, 02:43 PM

No way that I know and I have looked at it from a number of angles plus had a tax planner go over it as well.

Doug E · 03-14-2010, 03:43 PM

Thanks, appreciate the reply.

RWebb · RWebb's Garage

Doug - I hate TurboTax but it will automatically pull in your old return info (if you used it last year) and pull in financial data (e.g. major brokerage houses) off of the Internet.

Vanguard & Fidelity give you a discount on TurboTax. Maybe that will help for next year -- good luck

VaSteve · 03-14-2010, 04:20 PM

Quote:

Originally Posted by Doug E

Spent the day doing our Federal and State (had to do 2 due to a move) returns ... there goes 6 hours I'll never get back.

Anybody know of a way a married filing jointly federal return can use more than the $3,000 capital loss from a carryover perspective ? I'd like to be able to apply more of the carry forward loss we have due to market investments but I can't see where that is possible.

You mean you have a greater than $3000 loss from a prior year you wish to apply to this year? No, you can't do that, need to run it out over several years until it runs out.

Doug, I hope you're doing well. I'll be in Ohio for the Potomac mid-Ohio event in early May. Are you anywhere near there?

Doug E · 03-14-2010, 05:39 PM

RW - yup, I'm a TT user and it pulled in all the info ... I just didn't like what it was telling me.

Steve - good to hear from you and hope all is well for you and the family also. MO is about 3 to 4 hours from me and I plan on getting there myself later this year. I saw the Potomac date on the calendar and thought that would be neat to run with the old gang again but we already had plans that weekend. BTW, yes to your question and thanks for the answer ... based on the first response and my understanding that is what I figured.