pcmcpa Posted May 8, 2010 Report Share Posted May 8, 2010 In 2008, a minor had capital losses from the sale of stock of $20,000. I filed a return for him and the losses wiped out any taxable income with a carryforward loss of $16,000. This year, the Minor has about $100 of income. Is it necessary to file a tax return for him to keep the carryforward loss rolling forward? Thanks in advance for any answers and insight. Quote Link to comment Share on other sites More sharing options...
Bob Hoffman Posted May 8, 2010 Report Share Posted May 8, 2010 In 2008, a minor had capital losses from the sale of stock of $20,000. I filed a return for him and the losses wiped out any taxable income with a carryforward loss of $16,000. This year, the Minor has about $100 of income. Is it necessary to file a tax return for him to keep the carryforward loss rolling forward? Thanks in advance for any answers and insight. I would. It keeps everything straight. Quote Link to comment Share on other sites More sharing options...
bstaxes Posted May 8, 2010 Report Share Posted May 8, 2010 I would, just to drive the government nuts. Quote Link to comment Share on other sites More sharing options...
Catherine Posted May 9, 2010 Report Share Posted May 9, 2010 Definitely -- or else when the minor DOES have enough income and tries to use the carryforward, there will be letters and explanations due then. Easier and better to just keep the trail clear. Quote Link to comment Share on other sites More sharing options...
michaelmars Posted May 10, 2010 Report Share Posted May 10, 2010 And you can bill $150 for the return Quote Link to comment Share on other sites More sharing options...
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