I'm hurting, like many folks in the market today. Basically, I made some money in 07 and owe Uncle Sam taxes; however, in 08 I've lost all of my capital gains from 07 and then some. I need some professional tax advice...

1. Are there any tax advice to reduce the amount I owe on capital gains for 07?

2. Let's say I end up with capital losses at the end of 08, can I carry this loss over and if so, how many years? Can I carry the loss over until it's all gone?

3. What should someone do in this situation? (Stop trading, yes I'm expecting that advice :) )

Should I hire someone to do my taxes for 07? I have a lot of trades and possibly wash sales. How much would I expect to pay to get them done and do I have enough time?

Thanks...

For 2007, there is no way to reduce your profit.

For 2008 if you have loss from the sale of the stocks, you can offset the loss against any other capital gains. If you have a net capital loss in 2008, you can deduct only $3,000 against your ordinary income. Balance capital loss will be carried over to the next year.