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emc011075, Master Tax Adviser
Category: Capital Gains and Losses
Satisfied Customers: 2191
Experience:  Master Tax Adviser and Enrolled Agent
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I have a huge capital loss carryover (2 million plus) due to

Customer Question

I have a huge capital loss carryover (2 million plus) due to a ponzi scheme. Can I use this loss carryover to offset some long term capital gainsl that might be coming soon?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: thanks
JA: Is there anything else important you think the Accountant should know?
Customer: the loss carryover is already declared on my california returns, but so far it has covered very little in the way of california income. Can I use the loss carryover against long term capital gains?
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Submitted: 3 months ago.
Category: Capital Gains and Losses
Expert:  emc011075 replied 3 months ago.

Hi. My name is ***** ***** I will be happy to help you.

Yes, you can the carryover to offset your capital gains. It will all be combined on Schedule D. You can eliminate your gains plus use 3K to reduce your other income.

Expert:  emc011075 replied 3 months ago.

I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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