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Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3118
Experience:  I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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For my 2009 personal tax return I filed form 6781 Gains and

Customer Question

For my 2009 personal tax return I filed form 6781 Gains and Losses From Section 1256 Contracts and Straddles. I had a short term loss and a long term loss.

In 2010 I am planning to make a short term gain from the sale of real estate.

My understanding is that I can offset this gain with the with the loss from 2009.

My question is can I use both the short term loss and long term loss from 2009 to offset the short term gain from 2010 or can I only offset the short term gain with a short term loss?
Submitted: 7 years ago.
Category: Tax
Expert:  Jon Andrews replied 7 years ago.
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Jon Andrews :

You will be able to use both the short term and the long term carryover losses to offset any capital gain created this year no matter whether the current gain is short term or long term.

Jon Andrews and 2 other Tax Specialists are ready to help you
Expert:  Jon Andrews replied 7 years ago.
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Customer: replied 5 years ago.
I don't see how to do this on the forms.

I am filling in form 4797 Part II and it says to put the total on 1040 line 14 without any opportunity to apply carry over losses.

On 1040.D it only has a place to import 4797 Part I.

Following the capital loss carryover worksheet didn't help either as it only gives me a maximum allowed loss of 3000.

How do use my 2010 capital losses to offset my 2011 capital gains?