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 Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

I had a sizable loss in the previous years. How can I deduct

Customer Question

I had a sizable loss in the previous years. How can I deduct from this years gain?
Submitted: 1 month ago.
Category: Tax
Expert:  Brian Michels replied 1 month ago.

Hello. My name is ***** ***** I'll be the Expert assisting you today. I look forward to helping you with your issue. What do the losses relate to? Capital gains or, passive activity losses or loss in excess of basis that was disallowed and carried forward? Did you complete a Form 6198 or Form 8582 in 2015 that has figures from the disallowed losses?