I have some capital losses in the year 2005. but didnt realise they couldbe tax deducted last year. Can I deduct in this year's filings?
2007-04-04 11:42:55 · 3 answers · asked by arun 2 in Business & Finance ➔ Taxes ➔ United States
You would need to file an amended 2005 return (form 1040X). If you have a net loss larger than the allowable amount, you can carry forward the excess to the current year.
2007-04-04 11:47:25 · answer #1 · answered by STEVEN F 7 · 1⤊ 0⤋
You can file an amended return for 2005. If you have more than $3000 net capital loss for 2005, you'd then have a carryover and could use some or all of it on your 2006 return.
You can't just deduct it this year.
2007-04-04 13:10:59 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
no you have to amend your 2005 tax return with form 1040X so you can claim the deduction
2007-04-04 12:42:15 · answer #3 · answered by JOE M 1 · 0⤊ 0⤋