Here it is Tax Day, and I have to correct my earlier complaint about TurboTax making mistakes on my taxes. When I went back and dove deep, deep down into the tax code and the software, even delving into last year's taxes, I learned that actually everything was just fine.
It was a case of paper-trails; without getting into too many boring details, the IRS allows one to carry capital losses forward for a number of years, allowing one to offset them against capital gains earned later. I didn't have gains enough this year to offset anything, but for tracking reasons, it's good to keep the paperwork current -- if I sell stock this year or next, I can still count the loss on that sale two years ago.
1 comment:
good to know.
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