WITAXLADY Posted April 7, 2014 Report Share Posted April 7, 2014 so I'm thinking - very dangerous this time of year.. as I am amending WI Homesteads from 2009, 2010 (wondering what happened to the resolve to do in the summer - oh right that was the 2012 ATX program issue - I digress) and if a Sch D, or state Sch D is not needed as the income is too low can it be carried forward to the next year and the next until they sell something at a gain? The form does use it "up". but it really was not used. I believe someone did ask this but wondering... Sincerely, D ps - do not blast me for asking this. thx Quote Link to comment Share on other sites More sharing options...
jklcpa Posted April 7, 2014 Report Share Posted April 7, 2014 I would file those returns with Sch D to formally document the loss carryforward with the IRS even if the overall return is below the filing threshold. ETA - I know nothing about the effect on WI homestead. Quote Link to comment Share on other sites More sharing options...
mcb39 Posted April 7, 2014 Report Share Posted April 7, 2014 Don't you still have to add it to the adjustments for the Homestead Credit? It seems to me that the deduction cannot be taken against Homestead Income. (You are right, it is too dangerous to think. I just finished my husband's Partnership and am brain dead). Quote Link to comment Share on other sites More sharing options...
WITAXLADY Posted April 7, 2014 Author Report Share Posted April 7, 2014 No I get the WI H - if I "file" the return - it uses the loss up... so if not required to file then do not have to use loss... Quote Link to comment Share on other sites More sharing options...
mcb39 Posted April 7, 2014 Report Share Posted April 7, 2014 I am pretty sure that you either use it or lose it. I would file the returns so that you have a pattern of continuity. Quote Link to comment Share on other sites More sharing options...
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