I have a pretty large capital loss from a few years ago that results in a yearly Schedule D capital loss carryover and an annual capital loss of $3000 that can be claimed on line 6 of Form 1040.
But, I have little income, about $8000 for 2019. So my income ($8000) is much less than my standard deduction of over $12,000. So my Taxable Income on line 11b of 1040 is zero, even if I do not use the $3000 Capital Loss. In other words, if I claim the $3000 Capital loss for this year, it will be "wasted" and not result in any tax advantage.
My income will go up some in 2020 or next year in 2021, because I will start taking some retirement income. And the $3000 Capital Loss would likely benefit me in terms of reducing Taxable Income (on line 11b of Form 1040).
QUESTION(S): But, can I defer or not use the $3000 Capital Loss to a later year?
Or do I have to use the $3000 loss, even though it does not help lower my taxes?
If you have an answer, can you point me to one or more references that describe what I can or cannot do?
Thanks,
M.
