Posted by: Elixir February 19, 2010
How to report profit/losses of Stocks to IRS?
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Spur,


You can file an amended return 1040X, if you would like to which can be done right away. It's better to utilize this year since there is a limitation as to how much you can deduct each year. for example, if you happen to have a net loss of 6000 next year, your limit to deduct is 3k. In that case, you can deduct 3k next year and 3k following year. Therefore, I would recommend to file an amended return for 2009. However, theoritically you should be able to report this loss next year too since these losses can be carried forward.

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