Stock loss amount I want to carryover? (only $200 in all)?

Question

In 2006 I lost about $200 in bad stocks. Can I elect to carry the loss over to 2007?

I'm asking because I'm not sure if carryovers only apply to amounts over $3000. My loss was $200 in total.

Thanks.

Answer 1

You have to use that loss on your 2006 return. You can only carry forward losses that exceed $3,000. You must use the full $3,000 each year against other income before you can carry anything forward. If your total usable loss is less than $3,000 you must use it all.

Answer 2

You do not elect to carryover a $ 200 loss. You claim it as "worthless stock" and report it on Schedule D; long-term or short-term.

Claim the $ 200 loss and it will be applied against your other income.

The carryover only applies, if your "net" losses exceed your "net" gains; $ 3000 in losses are allowed to be deducted in the current year, and the balance over 3000, is carried over.

Answer 3

No, you can't carry it over - if you have any other income in 2006 though, you can offset $200 of that by the capital loss. If you already don't have any taxable income, then the $200 loss is of no tax benefit to you.

Answer 4

No you have to take the loss in 2006. Only losses over 3,000 get carried over - that means the excess over 3,000.