I'm sorry, cintrix! I wasn't thinking first year of taking losses.
I was thinking, and talking, carryovers.
It is my experience that on a Carryover, they use the 3k deduction first and then use the remaining carryover losses against any gains.
For example- if you have 23K in carryovers, they deduct the 3k to use against income first, then what you really have is 20k in carryovers (23-3=20) to use against your gains for that year. Even if you have 23K in gains that year, you now have just 20k available because they took that standard deduction.. And you pay taxes.
So that's why I said they use it first. If I am correct, that 3k standard deduction line even comes before the carryover line when doing your taxes, no?
Then again - first year with new guys and never noticed this before so maybe my guys are messing with my head? Forgive me if I over spoke!
"Then there was a woman, a lion of a woman."
