@VolvoGirl Thank you for the reply. I have edited the original post to try and make my questions a little easier to understand.
So in 2022 you had $77K in GAINS? But you had a -3,000 loss on 1040 line 7? How much total loss did you have? Did you have a carryover from 2021? If 25,000 carried over to 2023 you must have had total loss for 2022 as 77K+3K+25K = $105,000? Look at your 2022 Schedule D.
Yes in 2022 I had 77k in gains.
Yes there was -3k on 1040 line 7.
Unsure where I would calculate total loss...?
Yes I had $28k in carryover from 2021
You totally lost me with the next sentence of calculations
There is also a Carryover Worksheet showing the carryover from the prior year and the current amounts. Then there is also the Capital Loss Carry Forward worksheet showing the amount transferring over to next year.
Thank you, I see them and am making some progress. They appear to be trying to carryover $22k in losses to 2024, so they're using up $3k this year. Just doesn't seem like they should be using any this year given that our income is below standard deduction. Perhaps I am mistaken on what constitutes taxable income? I just dont want to be using up our $3k of our carryover if we shouldnt be....
