I am submitting an Amended tax return 1040-X for 2002 (I filed late so it's OK until Oct 15). I see now that in 2001 I failed to record on Schedule D some carry-forward short-term capital losses, and therefore did not offset my 2002 capital gains in the next year in that return.
Can I now enter those 2001 carry-forward losses on my amended 2002 form? (As the total carryover was around $7,000, this would have implications for my 2003 and 2004 returns as well, which I could now also amend.)
2006-10-06 05:02:13 · 6 answers · asked by ckkjgc 1 in Business & Finance ➔ Taxes ➔ United States
Yes use them but note that you are limited on how much you can take each year.
2006-10-06 05:10:02 · answer #1 · answered by Tazaor 3 · 1⤊ 0⤋
When did the loss occur? If in 2001 you are okay in taking the loss c/o in 2002. If in 2000 and you forgot to take it in 2001 you may lose the $3000 deduction from that year but could carryover the rest.
2006-10-06 10:34:56 · answer #2 · answered by daoco 4 · 0⤊ 1⤋
Anything you were entitled to claim on the original return can be claimed on the amended return. As you have noted, later returns that depend on that amount should be amended as well. I recommend submitting all the amendments together so the reason for the later amendments is more easily documented.
2006-10-06 12:18:42 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
Yes. The relevant limitations period is the one for the return that you are amending, not the one for the year in which the losses arose.
2006-10-06 05:43:54 · answer #4 · answered by TaxGuru 4 · 1⤊ 0⤋
Absolutely. I would write "see statement" just next to the line on the schedule D, and attach a statement (with calculations) indicating what happened at the back of your return. Keep good records in case it is ever questioned.
2006-10-06 05:24:33 · answer #5 · answered by Anonymous · 1⤊ 1⤋
I concur with the previous answers.
2006-10-06 09:14:34 · answer #6 · answered by jinenglish68 5 · 0⤊ 0⤋