Capital loss carryover/hidden asset


#1

Dear cah41220:

Greetings. First, definitely speak with your CPA or other financial expert on this issue. Next, let me finish looking this issue up to ensure that my initial reaction/answer is correct. Thank you.

Janet L. Fritts
Attorney with Rosen Divorce
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
RosenDivorce.com
919-787-6668

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#2

Janet - Thank you for your reply. I just wanted to make something clear - the capital loss carryover was not mentioned in the seperation agreement by my husband at all. My husband neglected to disclose it in any way. He believes that by him being a financial planner he could make better financial decision, therefore, I wasn’t allowed to participate in any financial matters during our marriage. Any financial accounts that we had where put just in his name. He also believes that since the accounts where in his name, and the majority of the money we had he made from his job, that the money lost was his. We have had this loss carryover for a couple of years on our joint tax return in which he has always prepared.


#3

Dear cah41220:

Greetings. What I would tell you is that you really need to speak with a CPA or tax expert and the reason is that sometimes one party can claim that they are a full-time daytrader and then they can use a lot (if not all) of their capital losses in that same year. Otherwise, if they were from a year when you filed a joint tax return, then I think you can claim half of the capital losses each year that were created during the marriage. A CPA will know how to do this. Best of luck.

Janet L. Fritts
Attorney with Rosen Divorce
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
RosenDivorce.com
919-787-6668

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#4

My spouse and I entered into a separation agreement in January after 23 years of marriage. It came to my attention in April, when our taxes were filed, that we have a capital loss carryover of $30,000. This was not acknowledged in the agreement as an asset to be divided. How should this be handled now? I feel I am entitled to claim 1/2 of the loss each year on my taxes. Can the signed separation agreement be modified to include this asset without my spouse removing or changing anything already agreed to? Should this change be made now or when the divorce papers are filed in January?