Single Status Update
So Trump lost nearly a billion in 1995 which is why he hasn't been paying taxes (by carrying losses forward). Yes I too like to lose $1 to later save 39 cents. So smrt!
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if you have losses left after you offset any capital gains in a given year and after you use up to $3,000 to offset other income, you're allowed to carry them over to the following year. There's no limit on how many years you can use capital loss carryovers.
Canadian losers who lose money also get to carry losses back or forward. For business losses you can carry them forward for up to 20 years. Once again, this means you have lost money which is something losers do.
Tell your clients that next tax season.
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