- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
No, but you can deduct up to $3000 ($1500 if married filing separately) of capital loss carryforward against your other income each year until the amount is used up.
The way this works is that each year you report your sales on your tax return. If it nets out to a loss, you use $3000 loss for the current year and the rest of your loss carries forward to the next year.
So you can't save the $12,000 loss and use it when you want to. You just carry the amount forward until it is all used up.
If you have filed with TurboTax every year, your losses stay in your account and are carried forward automatically.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎February 28, 2024
9:18 AM