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Q: Distribute capital loss over few years ( No Answer,   0 Comments )
Question  
Subject: Distribute capital loss over few years
Category: Business and Money > Accounting
Asked by: dnt-ga
List Price: $20.00
Posted: 03 Jul 2006 20:22 PDT
Expires: 02 Aug 2006 20:22 PDT
Question ID: 743146
I made a wrong real estate investment and loss close 100k. I don't want
deduct all the in one year. Can I distribute my capital loss over few
years.

I'm an independent consultant and my income about is $120k. Now, you
see why I don't to deduct all my loss this year. I prefer to deduct
$40-$50k this year only and the rest in few years. Is this possible? Or do
you have any
recommend for me on this issue for income tax purpose?

Thanks

Request for Question Clarification by pafalafa-ga on 03 Jul 2006 20:29 PDT
The amount of net capital gains (or losses) that can be taken as a
deduction in any given year is quite limited...I think it's only
$3,000 per year for personal income taxes, with the rest carrying
over.

Am I misconstruing your situation?


pafalafa-ga
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