Distribute capital loss over few years
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Distribute capital loss over few years

 
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dnt



Joined: 04 Jul 2006
Posts: 1
Posted: Tue Jul 04, 2006 8:28 pm    Post subject: Distribute capital loss over few years Reply with quote
I made a wrong real estate investment and loss close 100k. I don't want
deduct all the in one year. Can I distribute my capital loss over few
years.

I'm an independent consultant and my income about is $120k. Now, you
see why I don't to deduct all my loss this year. I prefer to deduct
$40-$50k this year only and the rest in few years. Is this possible? Or do
you have any recommend for me on this issue for income tax purpose?

Thanks

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kristinecfp



Joined: 12 Jan 2006
Posts: 9
Location: Lee's Summit, MO
Posted: Tue Jul 18, 2006 12:45 am    Post subject: Reply with quote
If it's truly a capital loss, you can only offset the capital loss against other capital gains, and up to $3,000 against your ordinary income. The remaining capital loss will be carried forward indefinitely until it can be used up.
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