@Jason999 wrote:
I wish It were that simple, but it is not, and none of you may be correct.
Carry forward Loss is deductible depending how it is sourced. Married people have two income generating properties:
1. Separate property
2. Community property
When loss is carried over from single years, it is classified as a separate property and cannot be deducted from community income during married filing jointly years.
Can anyone knowledgeable confirm this?
A joint tax return is one tax return for both spouses. There is no separate or community property on a joint tax return. You are thinking of Married Filing Separately tax returns where each spouse files their own tax return, that is when community property laws come into play.
https://www.irs.gov/pub/irs-pdf/p555.pdf
https://www.irs.gov/pub/irs-pdf/p550.pdf page 4
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
