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TaxRobin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 15312
Experience:  15+ years in Tax preparartion as well as Instructor for tax law, theory, and application
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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: 8 months ago.
Category: Capital Gains and Losses
Expert:  TaxRobin replied 8 months 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 8 months 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.