How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TaxRobin Your Own Question
TaxRobin
TaxRobin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 13314
Experience:  15+ years in Tax preparartion as well as Instructor for tax law, theory, and application
14155347
Type Your Capital Gains and Losses Question Here...
TaxRobin is online now
A new question is answered every 9 seconds

I did not report tax loss carry over for 4 years because I

Customer Question

I did not report tax loss carry over for 4 years because I did not need it. The IRS sent me info to supply a 1040X and schedule D for each of those years. Do I need to report $3000.00 tax loss carry over for each year that I do not need it or can I report a lesser amount, like $100.00 in each year to preserve the initial tax loss carry over of $30,000.
JA: I love the idea of making big money with investments, but there are so many things that could go wrong. The Accountant will be able to help you. Is there anything else important you think the Accountant should know?
Customer: I don't think so.
Submitted: 1 month ago.
Category: Capital Gains and Losses
Expert:  TaxRobin replied 1 month ago.

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Expert:  TaxRobin replied 1 month ago.

Each year the up to $3000 carryover is required. If you have other gains in those years you are required ot first reduce those then you carry over up to $3000 against ordinary income.

You can only use less than the $3000 against other income if you have less than $3000 of other income.

Related Capital Gains and Losses Questions