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Date:   Tue, 02 Aug 2005
From:   RJ

Hi,

I exercised some ISOs and sold the shares on the day of exercise. The gain from the sale was reported on my W-2 form. I had thought based on advice from my accountant that I was going to report the income on Schedule D. I had a large capital loss carryover from the previous year to apply to the gain. Is there any hope that I can report the gain on Schedule D?

Thanks, RJ

Answer

Date:   Mon, 08 Aug 2005

Hello RJ,

No.

Good luck!

Mike Gray

For more information about incentive stock options, request our free report, Incentive Stock Options - Executive Tax and Financial Planning Strategies.

IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained in this answer was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.