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Get your taxes done using TurboTax
Do a simulated tax return to find out. Assuming that the $25,000 loss carried over from 2022 is some combination of short- and long-term capital losses, I think you'll find that all $23,000 of the 2023 capital gains will be offset, the remaining $2,000 of carryover will appear on Form 1040 line 7 (negative 2,000) to offset $2,000 of ordinary income and, assuming that you have at least $2,000 of ordinary income to offset, nothing carrying forward to 2024.
‎June 27, 2023
3:24 PM
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