DaveF1006
Expert Alumni

Get your taxes done using TurboTax

Yes, you will need to print and mail your return since your Spouse doesn't have a Social Security Number or ITIN. Since you are filing Married Filing Separately, you are only allowed a loss carryover of $1500. It is mentioned in this IRS Publication.

 

Yes, you can use your carryover to offset 100% of your capital gains. The $1,500 (MFS) or $3,000 (Single/MFJ) limit only applies to using capital losses to reduce ordinary income (like your salary). When it comes to offsetting capital gains, there is no limit  TurboTax will recognize this fact in your return and will apply these automatically.

 

 

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