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My husband and I filed a joint return until his death in…

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My husband and I...

My husband and I filed a joint return until his death in 2014, on our joint return we carried forward both long & short term stock investment loses. How long can I continue to carry forward these losses on my individual tax return and take advantage of the $3000. credit?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I do not owe taxes for 2016 because of a loss in oil investment due to plunging prices plus a very costly oil spill - I have a net loss for 2016 do I still file the same return

Submitted: 1 year ago.Category: Tax
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Answered in 7 minutes by:
2/21/2017
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,856
Experience: Taxes, Immigration, Labor Relations
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According to IRS Revenue Ruling 74-175 the capital loss sustained by the decedent for the period ending with the date of his death are deductible only on his final income tax return.

If the capital loss was reported on a joint tax return - that loss must be allocated between spouses - and you will continue to carryover your part until it is fully used.

But you would not be able to use any of capital losses allocated to your spouse.

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