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capital loss carryback

 
 
Paul B.
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      04-01-2005, 09:41 AM
Can an individual investor take capital losses and apply them
against previous year's gains? I know they can be carried forward
to ensuing years. From what I read, I know corporations can carry
losses backward, but I don't think individuals can, unless
perhaps they classify as Traders and use the Mark to Market
approach - which sounds very complicated.

Any insight would be appreciated.

Paul

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Phil Marti
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      04-02-2005, 02:50 AM
"Paul B." <(E-Mail Removed)> wrote:

> Can an individual investor take capital losses and apply them
> against previous year's gains?


No

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Phil Marti
Clarksburg, MD

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Paul A Thomas
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      04-02-2005, 02:50 AM
"Paul B." <(E-Mail Removed)> wrote

> Can an individual investor take capital losses and apply them
> against previous year's gains?


No.

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Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net

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ed
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      04-02-2005, 03:09 AM
Your only hope would be a NOL carryback. I don't think you
qualify but get form 1045 and its instructions to see.

ed

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A.G. Kalman
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      04-02-2005, 06:58 AM
Paul B. wrote:

> Can an individual investor take capital losses and apply them
> against previous year's gains? I know they can be carried forward
> to ensuing years. From what I read, I know corporations can carry
> losses backward, but I don't think individuals can, unless
> perhaps they classify as Traders and use the Mark to Market
> approach - which sounds very complicated.


Capital losses only go forward.

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Alan
http://taxtopics.net

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David Woods, EA, ChFC, CLU
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      04-02-2005, 08:15 AM
"Paul B." <(E-Mail Removed)> wrote:

> Can an individual investor take capital losses and apply them
> against previous year's gains? I know they can be carried forward
> to ensuing years. From what I read, I know corporations can carry
> losses backward, but I don't think individuals can, unless
> perhaps they classify as Traders and use the Mark to Market
> approach - which sounds very complicated.
>
> Any insight would be appreciated.


Can't do it.

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David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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D. Stussy
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      04-05-2005, 08:15 AM
Paul B. wrote:

> Can an individual investor take capital losses and apply them
> against previous year's gains? I know they can be carried forward
> to ensuing years. From what I read, I know corporations can carry
> losses backward, but I don't think individuals can, unless
> perhaps they classify as Traders and use the Mark to Market
> approach - which sounds very complicated.


An individual may NEVER carry back a capital loss.

The trader approach causes a NET OPERATING LOSS carryback, not a capital loss
carryback.

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