I have losses from selling stocks. Without declaring this loss, my federal and state tax bill is zero. Can I ignore it now & carry over this loss to future years?
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I have losses from selling stocks. Without declaring this loss, my federal and state tax bill is zero. Can I ignore it now & carry over this loss to future years?
I have losses from selling stocks. Without declaring this loss, my federal and state tax bill is zero. Can I ignore it now & carry over this loss to future years?
You need to report the losses now on your 2016 tax return so the losses can carry forward. If you don't report the losses in the year they occurred, the IRS will not accept the carry over unless you later amend your 2016 tax return.
I have losses from selling stocks. Without declaring this loss, my federal and state tax bill is zero. Can I ignore it now & carry over this loss to future years?
You need to report the losses now on your 2016 tax return so the losses can carry forward. If you don't report the losses in the year they occurred, the IRS will not accept the carry over unless you later amend your 2016 tax return.
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