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I have net short term stock sale gains in 2017 of $30,000.

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Hello... I have...

Hello... I have net short term stock sale gains in 2017 of $30,000. Previously I have realized "booked" losses of $75,000, above previous gains. Without selling other stocks with unrealized losses, what can I show as "income" for these in 2017?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

This is the only income I have in addition to SS for 2017

Submitted: 7 months ago.Category: Tax
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12/29/2017
Tax Professional: Lev, Tax Advisor replied 7 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,338
Experience: Taxes, Immigration, Labor Relations
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We need clarification on your statement - realized "booked" losses of $75,000

Please verify when losses were realized and what specific assets were disposed?
On which year tax returns these losses were reported?

I will help you with reporting.

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Customer reply replied 7 months ago
Losses were booked in previous tax years; (2008, 2009, 2010) These were losses "carried forward" The losses were booked from the sale of stocks.
Tax Professional: Lev, Tax Advisor replied 7 months ago

You will need to prepare worksheets fro ALL these years starting 2008 - up to 2016

For instance the worksheet for 2016 - see here

https://www.irs.gov/pub/irs-prior/i1040sd--2016.pdf

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Tax Professional: Lev, Tax Advisor replied 7 months ago

see page age 11

Capital Loss Carryover Worksheet—Lines 6 and 14

By filing all these worksheets - you will identify amounts of capital losses to be applied to previous years and carry forward amount of each of these years.

So you will have the amount of previously realized capital losses which are carried forward to 2017.

That amount will be used to offset your capital gains for 2017 and you will identify the amount to carry forward to 2018.

Let me know if you need references to worksheets fro all these past years.

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