tax loss carry over
this is not an IRA question, but have not found the answer anywhere else. If I have large capital loss I am carrying over from previous years, do i have to use it to offset captail gains in 2008, or can I pay capital gains in 2008, and use the capital loss in 2009 when I think the tax rate will be higher?
Permalink Submitted by Alan Spross on Mon, 2008-11-24 16:51
It must be used when first available, ie. in 2008. The cap gain loss carryover worksheet was on p D-7 of the 2007 1040 Inst.
Due to the recession, it is not likely that 2009 cap gain rates will be higher than 2008. They are more likely to not be increased until 2011.