AboutHelen P. O`Planick, EA Expertise I am a tax professional, with experience in individual taxation. I would prefer not to answer questions about non-resident aliens or corporate taxation. Please do not ask me state related questions, unless the state is Pennsylvania. There are 42 taxing states and 42 TOTALLY different sets of state tax law.
Experience I have been preparing tax returns almost all my life. I have been in professional practice for 25 years and I am enrolled to practice before the Internal Revenue Service.
Organizations National Association of Enrolled Agents
Publications I am a prior Money Magazine Tax Test taker and have been quoted extensively in all media including monthly periodicals and books by tax authorities.
Question I had a LT Capital Loss in 2007 of $12,000. I used $3,000 in 2007 and carried over $9,000 to 2008. In 2008, I will not have any taxable income (my exemption and standard deduction wipes out my meager interest and SS is not taxable). Question, since I can't use any of the Loss in 2008, can I carry all $9,000 over to 2009? Also, if I do happen to have some taxable in 2008, say $1,000, would I use just $1,000 and carry over $8,000 or would I have to use $3,000 of my carryover and only have $6,000 left for 2009?
Answer You still have to show the carryover on Sch D with your 2008 return, but if you don't need any of it, you will carry it all over to 2009 and beyond.
If you use do have some income in 2008, you only reduce the carryover by the amount needed.
