Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-13-2014, 01:51 AM
Junior Member
 
Join Date: Apr 2014
Location: Seattle, WA
Posts: 2
Interrupting Capital Loss Carry Over

I have short term and long term capital loss carry over from previous tax years and will offset gains for a few more years.

Tax-software is calculating an allowable $3000 capital loss in 2013 This offsets some of our 2013 gains and related income. Normally this is fine. However 2013 is a bit different. To maximize our $7,500 tax credit for the electric car we bought we could use more income. If we DID NOT take any capital carry over loss this year could we "save" it to offset gains in the future? I am concerned that if we interrupt the carry forward loss for one year we might forfeit the remaining capital gains loses I could have used in future years?

Thanks



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-13-2014, 02:27 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,233
Quote:
Originally Posted by denismarty View Post
Tax-software is calculating an allowable $3000 capital loss in 2013 This offsets some of our 2013 gains and related income. Normally this is fine. However 2013 is a bit different. To maximize our $7,500 tax credit for the electric car we bought we could use more income. If we DID NOT take any capital carry over loss this year could we "save" it to offset gains in the future?
Thanks
yes;indefinitely. You can carry unused capital losses forward for as long as you live. Your capital losses will offset capital gains and up to $3,000 per year (or $1,500 for MFS status) if you have other taxable income but I guess your benefciiry can’t inherit it from you.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Passive activity loss carry over nbalu1974 Rental Real-Estate 1 02-23-2014 06:41 AM
Net Carry Over Loss on Foreclosed Residential Property justr8hr Capital Gains 3 02-22-2014 04:23 AM
Self Employment Tax During Tax Loss Carry Forward Period waylon Income 1 10-21-2013 02:52 PM
Amend 2009 return and carry over a loss to 2013? niklasjn Capital Gains 0 09-13-2013 12:18 PM
How does a capital loss carry-over from an amended return? niklasjn Capital Gains 0 09-13-2013 12:12 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning