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Andrew Schwartz CPA
Jan 26, 2006 - 5:42PM
Re: tax losses and schedule D

There are 2 lines on the Schedule D where you can put your capital loss carryforwards - one for your short-term losses you're carrying forward, and one for the long-term losses being carried forward. The IRS does not want you to write down all your transactions from 2004 on your 2005 Schedule D.

Each year, you can use those losses to offset any gains realized during the year, including capital gain distributions from your mutual funds, and then can claim uo to $3,000 in additional losses against your wages and other income. Any excess losses will be carried over to the subsequent year.

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