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Itemized Deductions Schedule-A


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Old 02-07-2009, 09:26 AM
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Deductions & carryovers

I know if I itemize deductions I will have more than standard deduction.
But I already have a $3000 carry over from 2007. On that return I also had
a $3000 stock loss on schedule D. Does it make any sense to itemize my
deductions this year?

Just as a matter of info, lets say I had a tax loss of $18K in 2007. I can claim a loss of $3K in 2007. Will the balance of $15K be carried over to 2008 being abled to deduct another $3K and the same for each sebsequent year over a six year period???

Thanks,

Bob



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Old 02-07-2009, 11:08 PM
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Yes, you should always itemize whenever you have an opportunity to do so, no matter how much are your prior years carry over losses.

Also, to answer your next question, your balance of losses from stock trades of $15k would be carried over to tax year 2008 and you would be able to deduct $3k in tax year 2008 and the balance of capital losses would be carried over to 2009 tax year where again you are able to deduct another $3k and so on!

Eventually over next 5 years you will have absorbed all the losses and taken the entire deduction for all the stock losses incurred in tax year 2007.

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