Unused Capital Losses
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Unused Capital Losses As I understand it, capital losses that exceed capital gains in the same year can be used to offset capital gains in the following year by the ‘carry loss forward method’. My question is: does the bivio tax document for a year following one with extra capital losses have the ability to include those extra capital losses, therefore reducing future capital gains? Thank You, Marty Eckerle SEIIC The excess capital losses are carried forward at the member level, not the club level. In other words, all capital losses realized during the tax year are distributed to the members, no matter if it is $1 or $1million. If the member can't use her share of the losses "this" year, any excess is carried forward to her personal return "next" year. Ira Smilovitz
Aren't the gains and/or losses distributed to club members on their Schedule K-1s? And then it is up to them, if the losses exceed their gains when combine with their personal accounts, to carry it forward to the next year on their own taxes. Therefore, the club taxes (and Bivio) wouldn't have anything to do with carrying anything forward. Sue On Dec 27, 2022, at 6:12 PM, Martin J Eckerle via bivio.com <user*12801300001@bivio.com> wrote:
cf loss in excess of 3000.
Thank You, Ira. From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of ira smilovitz via bivio.com The excess capital losses are carried forward at the member level, not the club level. In other words, all capital losses realized during the tax year are distributed to the members, no matter if it is $1 or $1million. If the member can't use her share of the losses "this" year, any excess is carried forward to her personal return "next" year. Ira Smilovitz On Tue, Dec 27, 2022 at 8:12 PM Martin J Eckerle via bivio.com <user*12801300001@bivio.com> wrote:
The tax document will show the losses for this year. Any loses you need to carry forward for the following year will need to be recorded and remembered the next year. It's been a while but turbo tax kept the record for me and applied it the following year. I'm sure the other tax software's can do this. The Bivio documents are unable to include forwarded tax loss because they wont be able to determine your individual loss. On December 27, 2022, at 8:12 PM, "Martin J Eckerle via bivio.com" <user*12801300001@bivio.com> wrote: As I understand it, capital losses that exceed capital gains in the same year can be used to offset capital gains in the following year by the 'carry loss forward method'.
My question is: does the bivio tax document for a year following one with extra capital losses have the ability to include those extra capital losses, therefore reducing future capital gains?
Thank You, Marty Eckerle SEIIC
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