capital loss carryback

Discussion in 'Tax' started by Paul B., Apr 1, 2005.

  1. Paul B.

    Paul B. Guest

    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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    Paul B., Apr 1, 2005
    #1
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  2. Paul B.

    Phil Marti Guest

    "Paul B." <> 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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    Phil Marti, Apr 2, 2005
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  3. "Paul B." <> wrote

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


    No.

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

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    Paul A Thomas, Apr 2, 2005
    #3
  4. Paul B.

    ed Guest

    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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    ed, Apr 2, 2005
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  5. Paul B.

    A.G. Kalman Guest

    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.

    --
    Alan
    http://taxtopics.net

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    A.G. Kalman, Apr 2, 2005
    #5
  6. "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.
    >
    > Any insight would be appreciated.


    Can't do it.

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

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    David Woods, EA, ChFC, CLU, Apr 2, 2005
    #6
  7. Paul B.

    D. Stussy Guest

    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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    D. Stussy, Apr 5, 2005
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