I have some stock loss carryover (-$1000) from 2006. I made $1500 in stock in 2007 and my overall stock gain or loss in 2007 is about $500. In the text return form prepared by my accountant however, I found the $1000 carryover was addback to my AMT (Form 6251 item 16 Disposition of property). Is this right? Does this mean that I can not take any benefit of the -$1000 loss forever?
Thanks,
ff
Without seeing the entire return, it's impossible to determine the "rightness" of the return preparation; however, the question about losing the benefit of the -$1000 loss "forever" is answerable implicity by the requirement that loss carryovers must be taken up to $3,000 in the next year -- even against ordinary income.
Assuming your accountant properly filled out the Form 6251, the benefit is indeed gone, forever.
Bill
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