If I made a capital gain in late December 2007, can I not claim it in 2007 and use it in 2008, or am I required to add it to my 2007 income?
2007-12-27 17:16:34 · 4 answers · asked by mattyk072679 1 in Business & Finance ➔ Taxes ➔ United States
I don't believe there is any way.
If you could, the IRS would be giving you an interest free loan on the tax due on the gain.
There are several ways to push a capitol loss forward from one year to the next, if you want to give the IRS an interest free loan.
2007-12-27 17:26:57 · answer #1 · answered by zman492 7 · 0⤊ 0⤋
If you realize the capital gain (sell the item) in 2007, then you declare it on your 2007 taxes, you can't save it for 2008. The capital LOSS carryover is done for net capital losses exceeding $3000 in one year, since that's the limit of what you can take against ordinary income each year.
2007-12-27 17:39:12 · answer #2 · answered by Judy 7 · 3⤊ 0⤋
You are required to add your gain to your income in the year you sold your asset.
The capital gains rates will be lower for some taxpayers in 2008, so it may be to your advantage to delay the sale.
2007-12-28 01:45:47 · answer #3 · answered by ninasgramma 7 · 1⤊ 0⤋
You must report the sale in the year it was sold.
2007-12-27 20:24:55 · answer #4 · answered by MukatA 6 · 1⤊ 0⤋