I sold some mutual funds in 08 have loss on them. Can I carry it back to profit I made last year?

Posted: 19-08-2010 | Author: admin | Category: United States


I sold some mutual funds in 08 and have loss on them. I made profit on stocks in 06 and 07. Can I carry back my this year loss to profit I made in last years?? Will appreciate any furhter guidance

Category: United States by admin

2 Responses to “I sold some mutual funds in 08 have loss on them. Can I carry it back to profit I made last year?”

  1. v b, on August 19th, 2010 at 9:21 pm Said:

    No, only forward.

    For 2008, you document all sales, establishing the loss. If you have a net loss for the year, the first $3000 is used against other income, the rest is carried forward.

  2. ninasgramma, on August 20th, 2010 at 11:10 am Said:

    You cannot carry your loss back to a prior year. However, your losses will offset your gains if any in 2008. An additional $3,000 of capital loss can be taken against your other income in 2008. Any excess capital loss will be carried forward and applied each year until used up.

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