2006-12-27 08:04:45 · 4 answers · asked by C W 5 in Business & Finance ➔ Taxes ➔ United States
yes. file form 1040x, amended tax return. It is true that you can only claim the loss if it was 3 years ago, but if it is over $3,000, you have to carry forward to the next year anyways, possibly allowing you some of the loss.
example:
Mary forgot to claim a $12,000 loss in 2002. It is past the statute of limitations, so Mary cannot claim her maximum $3,000 loss. However, she may file an informational return, showing the $12,000 loss, with $3,000 claimed in 02. So now she has $9,000 of losses left over. She can then amend her 2003 return and claim her $3,000 loss for that year, and actually claim the refund - and so on and so forth, until the loss is at $0.
WARNING: Amending a return will increase the 3 year statute on audits, too, so if you thought you were in the clear for 2003 on April 15th, but have filed an amended return, they now have 3 more years to audit you!
2006-12-27 08:43:42 · answer #1 · answered by phall257 2 · 0⤊ 1⤋
You can only claim it in the year it actually occurred, either when you sold the stock at a loss or when it became worthless.
You can amend a previous return to show the loss. If it's within the last three years (back to 2003) and would give you additional money back, you'll still get it. If it's older than three years, don't bother.
2006-12-27 16:35:45 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
If the stock loss occurred in prior years, you will need to file amended returns for the years in which the loss happened.
2006-12-27 16:07:52 · answer #3 · answered by jseah114 6 · 4⤊ 0⤋
You can claim this loss this year; if it was mentuoned on your previous years tax return. It is called a cpaital loss carry forward.
Look it up.
2006-12-27 16:39:21 · answer #4 · answered by Ubiquity 2 · 0⤊ 2⤋