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In 2020 I have a $12,000 long term capital loss with no capital gains to offset it. Am I required to use $3,000 against ordinary income in 2020?
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October 8, 2020
12:55 PM
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Get your taxes done using TurboTax
Yes it is required ... there is no option to not take the allowed deduction.
October 8, 2020
12:59 PM
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Get your taxes done using TurboTax
If you do not take it then you forfeit any remaining carry forward for future years. You cannot skip a year.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
October 8, 2020
1:02 PM
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Get your taxes done using TurboTax
you have a big loss but $3,000 is the max you are allowed per year. the rest will carryover to coming years.
October 8, 2020
2:01 PM
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