Carrying a loss forward

[Dan928]

What is the name of your state? Alabama

In 2005, I had a loss in the stock marked of $6861.00. I used the allowable amount..$3,000. This left $3861.00 eligible for carry over. Right so far? In 2006, I didn't need the loss to reduce my taxes so I didn't use it. I would like to use it in 2007. So the question is**************When carrying over a loss, does the next year you use it have to be a following year?

[LdiJ]

Originally Posted by Dan928

What is the name of your state? Alabama

In 2005, I had a loss in the stock marked of $6861.00. I used the allowable amount..$3,000. This left $3861.00 eligible for carry over. Right so far? In 2006, I didn't need the loss to reduce my taxes so I didn't use it. I would like to use it in 2007. So the question is**************When carrying over a loss, does the next year you use it have to be a following year?

Yes, you have to carry forward 3000.00 of the loss each year. You will need to amend 2006 to carry forward 3k of the loss, leaving you 861.00 to carry forward for 2007.