2007-03-01 11:07:44 · 5 answers · asked by h h 1 in Business & Finance ➔ Taxes ➔ United States
If you claimed the capital loss 5 years ago and did not use all your exemption, then it carries forward until it is all used. If you did not claim the loss 5 years ago, that deduction is lost unless you refile 5 years worth of tax returns. For all the details, see attached IRS link.
2007-03-01 11:21:56 · answer #1 · answered by oakhill 6 · 1⤊ 0⤋
You cannot use a capital loss from 5 year ago to reduce your income this year, unless you have carried that loss forward in every year since the loss year.
If it makes a difference, and you didn't carry the loss forward, you can amend the years in between, carrying forward the loss. Then if there is any loss leftover for 2006, you can take that loss to offset gains.
2007-03-02 10:09:29 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
The capital loss should have been carried over from year to year. Each year it first offsets any gains - any excess loss up to 3,000 offsets ordinary income with any excess carried over. Any carryover to 2006 should be shown on your 2005 Schedule D.
2007-03-01 22:14:56 · answer #3 · answered by spicertax 5 · 0⤊ 0⤋
Probably too late to income average that. If you did it, you'd have to refile for all 5 years...
Ask your accountant. But my bet is he'll tell you that you can't because its too long ago or that you'll come out behind in the end anyway.
2007-03-01 19:12:06 · answer #4 · answered by Anonymous · 1⤊ 0⤋
I would suspect no if you wrote it off 5 years ago. but you can ask h&r block
2007-03-01 19:10:59 · answer #5 · answered by Catman 4 · 0⤊ 2⤋