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bubbaaaa
Level 1

I have a long term capital loss (over $10,000, don't know the exact amount) that I forgot to claim on my 2019 and 2020 tax returns. How can I amend these tax returns?

 
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Mike9241
Level 15

I have a long term capital loss (over $10,000, don't know the exact amount) that I forgot to claim on my 2019 and 2020 tax returns. How can I amend these tax returns?

why don't you know the exact amount?  how do you expect the IRS not to change your returns if you apply the incorrect amount?  you can get transcripts of prior year returns using the IRS website so you will be able to find the correct CLCO.

https://www.irs.gov/individuals/get-transcript

you have to amend 2019 to claim the CLCO - skipping years is not allowed. once you know the CLCO from 2019, you can amend 2020

 

 

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Mike9241
Level 15

I have a long term capital loss (over $10,000, don't know the exact amount) that I forgot to claim on my 2019 and 2020 tax returns. How can I amend these tax returns?

why don't you know the exact amount?  how do you expect the IRS not to change your returns if you apply the incorrect amount?  you can get transcripts of prior year returns using the IRS website so you will be able to find the correct CLCO.

https://www.irs.gov/individuals/get-transcript

you have to amend 2019 to claim the CLCO - skipping years is not allowed. once you know the CLCO from 2019, you can amend 2020

 

 

View solution in original post

bubbaaaa
Level 1

I have a long term capital loss (over $10,000, don't know the exact amount) that I forgot to claim on my 2019 and 2020 tax returns. How can I amend these tax returns?

Mike,

Thanks for the quick!!! reply. I don't know the exact amount because I don't have access to my old returns at the moment. Just curious, does the acronym CLCO mean Capital Loss Carry Over? I will file an amendment for my 2019 return. Can I file the 2020 amendment as soon as I have determined the capital loss carryover on the 2019 amended return?

I appreciate your assistance.

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