Tax question about LTCL carryovers

[SecondCor521]

Hi,

My three kids have LTCL's from CY2008. I know that they can carry these forward to use against future gains and income.

My question is this: If my kids don't otherwise have to file, do they need to file what would essentially be an informational return each year in order to maintain a paper trail with the govt for those carryover losses, or can they skip filing until they actually need to file and just enter the carryover losses on their returns then?

2Cor521

 

[kaneohe]

2Cor521......I don't know the answer to your question but it sounds like from this fairmark. com thread that, at a minimum, you might want to fill out the worksheet in pub 550 to see how much how much of your carryover is used up each yr. It sounds like some of it could be used up even if your tax is zero and you don't have to file (and also possible that none is used up) but you won't know unless you fill out that form.
Fairmark Forum :: Capital Gains and Losses :: Capital loss carryover

you could also ask your question there.

 

[SecondCor521]

Thanks, kaneohe, that helped.

2Cor521