Poll-Do You Have Capital Loss Carryforwards, Or Investments In A Loss Status?

[Gone4Good]

I have loss carryforwards, but no positions that currently have unrealized losses. My loss carryforwards derive from two sources 1) Employer stock that I was forced to hold 2) Vanguard International Explorer Fund - Explorer pays out nearly all of its gains each year so my basis was almost always equal to NAV. During the crash I 'tax loss harvested' this fund by rolling it over into a international small cap index. Hopefully the index will not be the tax hog that Explorer was.

 

[haha]

A completed the tax return of one veteran that had a 335k loss carryover. He told me that he bought and sold stocks based on the advice of his broker. I told him that I thought he was taking alot of risk for a gentleman his age (80ish). BTW this was the first year he did not do his own taxes. He said that he was happy with his portfolio and that he had amassed quite a net worth for not "knowing much" about stocks. He had been a fighter pilot in Korea and Vietnam and had bailed out of his aircraft three times. When he retired he was in a wheelchair and was told that he would never walk again. (he's walking just fine now)

This guy has the right stuff.

Ha

 

[sheehs1]

Wiped out all the carry forward losses of 2008. Took the $3000 last year and wiped out the rest this year with 2010 gains.
For 2011 already have some losses ...that were in one high beta stock...but hopefully before the end of the year ...there will be some gains....

 

[M Paquette]

Same here. Spiraled my way down through the spring of 2009. In addition to booking all the losses I was able to consolidate a lot of things and simplify the basis into single lots.

Ah, yes, yes. The old portfolio simplification ploy!

 

[Nords]

Realize those losses, and carry them forward. After 2009, I doubt I'll ever pay capital gains tax again...

I tax-loss-swapped just about our entire portfolio, wiped out a pile of Berkshire Hathaway cap gains (in the college fund), and will probably carry forward the federal tax losses into 2012.

I've accumulated enough state tax credits to carry forward through probate...

 

[Trawler]

Tax havested in 2009 an still have $47K in loss carryover. Sold and Bought same day in Feb 2009 not to be out of the market. Now have signifantly more than 47K unrealized gains as of end of March. Glad to have made a comeback and then some.

 

[Jake46]

I can only hope that I have enough gains in the next 20 years to offset the
losses that I have secured

I'm with you.

 

[MichaelB]

We had lots of losses - realized all we could in '08. Over the past year most have been used to offset gains - we now have three consecutive years of "0" federal tax, a record for me going back to 1970. There's a small amount left but I'm guessing it won't make it to the new year. Like Mr. Ha in the original post, I am a bit disconcerted by the the fact that everything is up and in the green. Now, if I could only figure out which asset class doesn't belong...

 

[trirod]

As a CPA I see a lot of tax returns and I have several clients with capital loss carryforwards in excess of $1,000,000. In fact some of them are very likely to die with this sort of c/f - and that capital loss just goes pouf in the night on death. Kind of a bummer that you can't take it with you I guess.

 

[FUEGO]

As of Jan 1: $15000 in unrealized losses and $45,000 in unrealized gains. Plus $4000 in carryover losses from 2010.

Unrealized losses are primarily in Vanguard Pacific and European index funds, and these may be realized this year when I switch these funds to Vanguard Total International Index. We still have some cap losses sitting unrealized in some dot com era stuff that I have just never sold in order to realize the losses. I have been waiting to see if I could tax gain harvest and use up some of the 0% cap gains bracket a year or two, but rising earned income is making that less likely as the years go by (unless DW or I quit working).

 

[JohnDoe]

I am still carrying a loss from 2002. Since then, just about everything I do is in tax sheltered accounts so I don't have much gains to offset against.

2001 and 2002 where painful. (or somewhere around that time - I try not to remember)

JD

 

[NW-Bound]

As a CPA I see a lot of tax returns and I have several clients with capital loss carryforwards in excess of $1,000,000. In fact some of them are very likely to die with this sort of c/f - and that capital loss just goes pouf in the night on death. Kind of a bummer that you can't take it with you I guess.

If one believed in the after-life, one would like to think that it would be a much nicer world, where there were no taxes, no politics, no gummint needed, and where all inhabitants were nice people (Duh, they would not be admitted otherwise ).

So, there's no need to take that capital loss with you, 'cause there's no stock market and taxes up there, and there's no need to keep score.

 

[calmloki]

I got the selling stock at a loss part down pat (BofA! GM!). According to the tax man we're doing ok as far as making money also. I guess it's nice being able to offset $3000 income a year, but it kinda pales in comparison to our quarterly taxes. Somebody has to pay for those cruise missiles and senior national park pass freeloaders.

 

[NW-Bound]

Here's a story for you.

A rich man was about to die. He wanted to bring his wealth with him to heaven, and prayed on his deathbed for a way to bring some with him.

So, an angel appeared by his bedside, and said that because he was a nice man, he was allowed an exception. One carry-on, the angel said.

Yes, rich but nice men do get admitted to heaven, contrary to the story about rich men and camels and eyes of needles, but I digressed...

So, our man packed one suitcase full of gold bars!

At the pearly gate, St. Peter said "Eh, where are you goin' with that suitcase?".

Our man presented the paperwork for his exception. St. Peter scratched his head and said "Hmm... I have never seen this before. OK, you can go through, but must open the suitcase for inspection".

So, our man opened up his case....

St. Peter blurted out "You, you bring with you your own sidewalk pavers?"

 

[jimnjana]

We have a loss carryover of about 20K now. Directly the result of over confidence in the market coupled with coming across a property we had to have...At least we are making money on the vacation rental we purchased.

 

[albundyz]

yes..........but this is a big secret. I had losses in 2001-2002.

It's now down to about $9,000 carryforward, so in 2013, I should be done with this carryover business and in 2014, the tax return s/b clean.

My wife does not look at our tax return, so I've never had to fess up to my stupidity. only 3 years left.

In all fairness, I have been able to apply some of the things that I learned from that stupidity and I've done well in my tax deferred IRA.

Nevertheless, I look forward to 2014.