Taxing my patience

[captpackrat]

I finished my taxes nearly 6 weeks ago, but I hadn't mailed them out yet because I owe money.  Good thing, since today I received some new paperwork.  Apparently there was some "long-term capital loss carryover" from my inheritance that I have to account for.  I'm not sure, but I think that means a possible reduction in my taxes.  That's a good thing, though it also means redoing most of my paperwork.

EDIT:  WOOHOO!  I owe nothing at all now on my taxes!

Comments

[whitetail.livejournal.com]

Sounds familiar. ;-) I've had a 6-figure capital loss carryover on my taxes every year since 1990. It's one of the reasons I need a preparer, because the amount decreases every year according to some arcane formula that's beyond my layman's ken...

[gafennec.livejournal.com]

Yay! No taxes! *happy dances for you!*

[whitetail.livejournal.com]

EDIT: WOOHOO! I owe nothing at all now on my taxes!

Hmmm. Lucky you. It's never reduced my tax liability to that extent. All it's allowed me to do is to deduct another $3,000 from my adjusted gross income...