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Andy
Lv 4
Andy asked in Business & FinanceTaxesUnited States · 1 decade ago

Q about tax loss carryover from previous year?

In 2008 I had a 30k loss and was wrote off 3k and in 2009 I had a 15k gain -

I think I can write off my entire 2009 gain against my 2008 loss and still have 12k leftover for 2010, but I'm not totally sure and would appreciate confirmation or any other suggestions/advice.

Thanks.

Update:

Thx for answers - it worked out as expected in Turbo Tax.

3 Answers

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  • Judy
    Lv 7
    1 decade ago
    Favorite Answer

    Your carryover 2009 to 2010 would be 9K, you'd have used 15K of your 27K 2008 carryover to wipe out the 15K gain in 2009, and used $3000 against other income in 2009. The $3000 per year is use it or lose it, so even if you had no other 2009 income you still show $3000 of the loss.

  • My Zoo
    Lv 7
    1 decade ago

    You can take 3 thousand loss each year max. The next year you subtract your gains and still have 12 remaining which again you can use 3000 and keep carrying over each year with gains or losses.

    Source(s): personal experience.
  • Helen, EA in PA
    Lv 5
    1 decade ago

    $30-$3= 27 27-15-3= 9 to carry over. You use your 15 you need plus 3K more of losses over gains.

    Helen, EA in PA

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