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Refiling previous tax returns to deduct last year's trading losses

Discussion in 'Finance, Investing & Economy' started by Geoduck, Feb 16, 2009.

Moderators: bostonsoccermdl
  1. Geoduck

    Geoduck Member

    Joined:
    Sep 24, 1999
    I lost a lot of money in the stock market last year, but like everybody else, can only write off $3,000 in tax year 2008. I'm used to writing off the rest of the losses in future years, but somebody told me that you can refile previous years' tax returns to account for the trading losses in 2008. Does anybody have first-hand experience of this? Is there anything else I should be warned about?
     


  2. spejic

    spejic Cautionary example

    Joined:
    Mar 1, 1999
    Location:
    San Rafael, CA
    Club:
    San Jose Earthquakes
    I've never done it, but it is straightforward. Just fill out Form 1040X.
     
  3. Footer Phooter

    Footer Phooter Member

    Joined:
    Jul 23, 2000
    Location:
    Falls Church, VA
    I've never done it for trading losses, but we did refile my wife's after we go married (she missed an education deduction for a couple of years). Don't forget that if you're carrying back your losses for previous years that you might want to refile state taxes as well. (More $$)
     
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