Carryforward Losses

Feb 24, 2009 4 Replies
J

IRS Federal Return 2009



I have carryforward capital loses from a stock sale in 2008 (who doesn't!).



I don't want to use any of the loses against my income in 2009.



Am I *required* to use them in 2009 if I don't want to lose them?



Or am I allowed to carry them forward until I want to use them?



Thanks for any help.


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A

You can not elect to forgo a capital loss carryforward in order to carry the loss forward to later years.

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R

Doesn't matter what you want 1/2 :)

No.

-- Rich Carreiro snipped-for-privacy@rlcarr.com

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H

I am curious where the code says you can't hold your losses. For example, if I had long-term capital losses in 2007, declared $3000 on my 2007 return, and carried forward $X to 2008, where does the code say I must use $3000 of those $X lossses in 2008 and not carry the full $X into 2009? ( I have enough to declare in 2008, 2009, and into

2010 at this point in time, but curious).

Bob Hofmann

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A

Revenue Ruling 76-177 referring to IRC Sec. 1212(b)(1) & (2).

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