FAQs - Family Law Software


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Question: How can I enter capital loss carryforwards?

Answer: You may choose one of two approaches:

1. View/Edit Taxes. One approach is to figure out how much of that carryforward will be able to be deducted each year, then open the report labeled "View/Edit Taxes" and enter that amount as a negative amount in the row for capital gains and losses. The "View/Edit Taxes" report may be found on the Financial tab > Reports screen, or on the Lawyer Tab in the list of links on the left, towards the bottom.

2. Estimate Tax Benefit. Another approach is to take a guess as to what the after-tax impact of the capital loss will be, and simply enter the amount (i.e, the amount by which taxes will be decreased) as a positive number (representing the tax benefit as a gain in cash flow) in "Wage-Like Income," in the relevant year or years. Since you have already factored in taxes, you would check the box to specify that it is non-taxable income.