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Unused Capital Losses

Submitted by spillane56@veri... on 13 July 2010 - 1:13pm

I created a simple profile where I entered a large unused capital loss ($100,000) as a NEGATIVE amount in the "Unrealized long-term capital gains/losses on regular financial assets" field of the Assumptions tab. I then entered a $25,000 Special Receipt taxable at capital gains rates. When I run the report, I see $22,000 of capital gain income on the Federal Taxes page of the PDF report. Why is ESPlanner only offsetting $3,000 in capital losses against my capital gain income? The tax laws allow dollar-for-dollar offset up to the amount of capital gains, plus an extra $3,000. I was expecting to see zero capital gain income.

Rick

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Submitted by Laurence Kotlikoff on 15 July 2010 - 7:34pm.
1

Rick,This sounds like a bug in our code. I'll ask Dick to take a look at this. best, Larry

Submitted by Dick Munroe on 17 July 2010 - 2:26pm.
2

Interesting. I probably is a bug. Open a support ticket and upload your database and I'll take a look.

Best,

Dick Munroe

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