Help with stock market losses


J

Joe

I have tax losses (Stock Market) from 2001/2002. Form 1040 only allows
a max of 3000.00 a year to write off. I don't own my own business and
wanted to know if there was any way I could write off these losses
before I die of old age. I plan on working for another 5 years.

Thank you,
Joe
 
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D

Don Priebe

I have tax losses (Stock Market) from 2001/2002. Form 1040 only allows
a max of 3000.00 a year to write off. I don't own my own business and
wanted to know if there was any way I could write off these losses
before I die of old age. I plan on working for another 5 years.
There's no annual limit on using the losses to cancel out stock market
gains. So just plan on making $100,000 or so in the market this year and
that'll take care of a big chunk of your carried-over losses.

[Exactly how to make $100,000 in the market this year is a different
problem.]
 

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