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Level 1
posted Mar 28, 2022 10:41:36 AM

Capital loss not carried forward

I used a tax prep service in Florida 2012 then moved to Virginia.  I was pretty busy with the new job and did not review the new tax prep service forms.  I had a $103K loss on an investment property that was reported on that 2012 Fed income tax return that was not captured and carried forward.  In my search for basis on my wife's IRA, I discovered this mess-up just now.  Can I amend my return from 2013 to the present ... or maybe just the more recent ones ... to capture some of that capital loss?  Since it was not tracked from year to year on my 1040s, is there any issue with me just restating it several years after this failure to carry it forward?

0 3 367
3 Replies
Expert Alumni
Mar 28, 2022 11:02:38 AM

Yes, you can amend your returns from 2013 to 2020 to add this capital loss carry forward. You should do them in order starting with 2013, so that you will get the correct carryover amount. 

 

If your carryover results in a refund, the IRS will not refund your money for 2013 through 2017, but they will issue a refund for 2018 as long as you file it on or before April 18, 2022.

 

You have some time left to amend 2019 and 2020, but it makes sense to file all of your amendments now to make sure you report the correct amount on you 2021 tax return. 

 

Click here for more information.

 

 

Level 1
Mar 28, 2022 5:54:55 PM

Should I send in each amended return separately or just do them all and send it one big package?

Expert Alumni
Mar 29, 2022 5:29:17 AM

It depends. Some tax preparers prefer to send each return separately so the IRS logs them individually. Others will send them together if they're all ready at the same time. If you do mail them separately, send them in order, as Expert JulieS said.