MargaretMort Posted March 12, 2008 Report Share Posted March 12, 2008 Help! I have an elderly client who was day-trading for a couple of years. He was also losing money. He has a loss carry-over of about $15000. His health is very poor and I feel certain he will never live long enough to use up the carry-over at $3000 a year. She will not have to file Tax Returns as a widow. (He was using savings that were for her to live on after he dies.) I believe there is a way to take all the losses at once but I am not certain how to do it. Any help would be much appreciated. Thanks Quote Link to comment Share on other sites More sharing options...
jainen Posted March 12, 2008 Report Share Posted March 12, 2008 >>there is a way to take all the losses at once<< He can sell his house and elect not to use the Section 121 exclusion. Quote Link to comment Share on other sites More sharing options...
Redneck Posted March 12, 2008 Report Share Posted March 12, 2008 I know of no way he could take the losses in one year UNLESS he had elected report his trading under the Mark to Market rules. From the tone of the original post it doesn't sound as though that election was made. Quote Link to comment Share on other sites More sharing options...
indyscott Posted March 12, 2008 Report Share Posted March 12, 2008 Capital loss deductions are limited to $3000 per year Quote Link to comment Share on other sites More sharing options...
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