tax question

[mattttt25]

i'm just finishing up my 04 return. i just realized that when i field in 03, i failed to include approx $1000 in capitol gain losses from the sale of mutual funds. i thought i could include them in this year's filing, but after reading up on it, i think i was wrong. the way i understand it, i can carry over losses from one year to the next IF the losses exceeded $3000. then, i can only carry over the excess.<br /><br />am i correct? any way i can just apply these losses from last year to this year's filing? if not, do i have to ammend last year's filing to try and get some more money back?

 

[roscoe]

Re: tax question

Truely a ? for a paid expert, but from what I remember from 4 years ago when I have some losses; Amending the 03 return is the way to go.<br /><br />Taking the losses on your 04 return will likely cause trouble.<br /><br />I will be in a loss situation this year, but have not sat down with the accountant yet this year to discuss the best way to go.

 

[aspeck]

Re: tax question

I am not a CPA, so don't hold me to this, but I am pretty sure you have to amend '03.

 

[ob]

Re: tax question

My wife is a CPA and she says you need to amend the 03' return and follow the format.Then if there is any carry forward from the amended 03' ,include it in your 04' return.