Tax question

[Intelinvestor]

This year I have big capital loss. I remember there is tax form I can use to offset previous 3 years’ capital gains. Does anyone know what tax form it is? I am not a professional trader.

Thank you very much.

 

[Bob111]

Sch D

http://www.investopedia.com/terms/s/scheduled.asp

as far as i remember...you can't offset previous years gains..

find some old tax cut soft and play with it.or spend like 30$ on new one..most of your tax questions will be answered.way cheaper than consultation with a "pro"

 

[Intelinvestor]

Thanks, Bob.

I thought there was such a form...

Quote from Bob111:

Sch D

http://www.investopedia.com/terms/s/scheduled.asp

as far as i remember...you can't offset previous years gains..

find some old tax cut soft and play with it.or spend like 30$ on new one..most of your tax questions will be answered.way cheaper than consultation with a "pro"

 

[the1]

You can use either form 1040X or 1045. You generally get a response (and refund) to 1045 quicker but you should know that any time you apply for a refund from an earlier year that triggers an automatic exam on that years return. If there is something in that return that you want to stay buried don't file for a return. Otherwise, you're good to go.

Quote from Intelinvestor:

This year I have big capital loss. I remember there is tax form I can use to offset previous 3 years� capital gains. Does anyone know what tax form it is? I am not a professional trader.

Thank you very much.

 

[Intelinvestor]

Thanks. It sounds promising. I will take a look.

BTW, all the losses are from e-mini futures.

Quote from the1:

You can use either form 1040X or 1045. You generally get a response (and refund) to 1045 quicker but you should know that any time you apply for a refund from an earlier year that triggers an automatic exam on that years return. If there is something in that return that you want to stay buried don't file for a return. Otherwise, you're good to go.