What Harry says: Let me review where we stand today. IRS has taken the position that a loss attaches to the individual for this purpose. However, it is not 100 percent clear on this where joint returns are involved. If the stock is jointly owned, the loss carryover would be split evenly between the spouses according to the same IRS provisions. Whenever there is a doubt about the provisions stated by IRS, most CPAs take the position favoring the taxpayer. As a result, even in your case, I would suggest that you continue to carry over the full remaining loss to your mother's return until it's used up. However, you have to consider what the effect of this will be on your mother if IRS questions her return(s).
Write Harry Gross c/o the Daily News, 400 N. Broad St., Philadelphia, PA 19130. Harry urges all his readers to give blood: Contact the American Red Cross at 800-GIVE LIFE.
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