If you had a carryover from 2023 it should have offset any 2024 gains or it would have given you a 3,000 loss in 2024 and you should have sch D. Do you have an amount on 2024 1040 line 7?
You have to report the carryover every year until it's used up. You can't skip a year. Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year. You can't choose when to use it. You may need to amend your 2024 return if you didn't report it. Or at least add it into the 2024 return to get the carryover amount to 2025.
But if you have a negative AGI or negative taxable income it will show up on 1040 BUT it won't reduce the carryover to the next year.
If it didn’t transfer over from last year then
Enter a Capital Loss Carryover under
Federal Taxes or Personal (Home & Business)
Wages and Income
Then scroll down to Investment Income
Capital Loss Carryovers - Click Start or Revisit
This answer has been verified for accuracy by an Intuit expert employee
