Tax questions

March 17, 2000

Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.

My income for 1999 is less than $25,000 and I have a capital gains loss. Can I file a short form?

You can not. As noted in the instructions for Form 1040A, a taxpayer is allowed to file that form only if his or her income comes from a limited list of sources. Because income or losses from capital transcations are not included on the list, you will not be able to use Form 1040A (or 1040EZ), and you will need to file the regular Form 1040.

Craig S. Duncan, CPA

Young, Brophy & Co., P.C.

The above advice is for general purposes only and is not intended as legal, accounting or tax advice. Specific situations may vary. Selected questions will be answered in the Business section. No questions will be answered personally.

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