Capital loss carryover?
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Which lines do I use for carryover from 2008 for 2009? Using 1040, Schedule D... Line 6 or 7 for Short-term carryover? Line 14 or 15 for long-term carryover? Do I deduct $3,000 from the long-term amount when entering it for 2009 or just enter the 2008 line amount? Thanks
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Answer:
Get the 2008 1040 schedule D instructions. Do the capital loss carryover worksheet to get the numbers for line 6 and/or 14. If you actually got a tax benefit from the $3000 in 2007, you do not include the money in the carryover. Eg, $10,000 loss is reduced to $7,000.
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