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In their mind, it's not their fault you had a loss, so why should they allow a tax deduction for it?
[/ QUOTE ] Why is it when banks and mortgage companies make greedy and bad decisions they get bailed out on thier losses , but car owners dont??
Marlin, i think i am right on the point that in any given year ,any capital gain or loss can only be applied to that tax year and not carried over,unless it is a depreciation loss. That is the reason everyone wants to make any gains on Jan 1[so the tax on the gain wont have to be paid for 16 months] ,and get any losses in by DEC 31 to offset any gains that year..Im not a tax lawyer but i did stay at a Holiday Inn express last night.