Short term vs long term capital gains, loss carryovers
Back in 2000 and 2001, I had short term capital losses that exceeded the 3000 dollar limit.
Each year, I've been able to deduct 3000 dollars since my short term gains have been minimal.
I still haven't used up all my 2000 and 2001 short term losses.
I had some long term gains in 2000, but none since then.
Do you keep track of long term and short term losses separately?
As as example, lets say I have a clean slate in 2001.
Then, I lost 50,000 dollars, short term in 2002.
In 2003, I made 30,000 dollars long term. There were no short term gains in 2003.
Then in 2004, I made 10,000 short term, no long term gains.
What would my 2003 and 2004 tax situation be?
Thanks, Dave.:confused: