Reporting Long Term Capital Gains While Carrying Losses

Discussion in 'Taxes and Accounting' started by Ayn Rand, Mar 17, 2019.

  1. Ayn Rand

    Ayn Rand

    Starting taxes. Some new forms.

    It is saying in several places online but can not find in IRS tax instructions that there is 0% tax liability on capital gains for those with incomes from $0 to $38,600 ( I am doing this for someone else)

    In this case a significant long term loss is being carried over on Schedule D.

    From whatI can figure out it still seems that you report your 2018 capital gain on Schedule D regardless of income. Subtract carry over loss from 2017 from capital gain in 2018. If needed subtract another $3,000 to capture prior carry over. Carry remainder of loss into 2019.

    What I thought all of the above means is that if you have a capital gain in 2018 and make between $0 to $38,600 you do not report it. Then you do carry overs prior losses like you did in the past.

    Still working on this. Hopefully someone can help or it will just click.
     
  2. Ayn Rand

    Ayn Rand

  3. smallfil

    smallfil

  4. jazlives

    jazlives

    Ayn Rand,
    I used to have questions such as yours. If you need a Schedule D preparer who is knowledgeable, quick to respond and doesn't charge an arm and a leg, send me a message.
    I have used his services for a decade now and I am extremely pleased.
     
  5. Ayn Rand

    Ayn Rand

    Thanks. I already took care of it. I did a Frank Sinatra.