3k Capitol Deduction

I know that only 3k of capitol losses can be deducted from income, however, consider this: If I had 6k in capitol gains in 2008, and 6k in capitol
losses in 2009, can I deduct the whole 6k for 2009 taxes, or some from the 2008 gains? Thanks.
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No. The excess over $3,00 of capital loss can only be carried foreword in time, not backward.
--
Don EA in Upstate NY



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I think you will find that capital losses will carry forward, but not back, so you had to pay tax on the 2008 gains. But for 2009, the 6k capital loss will be used agains any capital gain for the year, and the 3k limit is for deducting against "ordinary" (non-capital gain) income. Any left over after that is carried forward to 2010.
scott s. .
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