PatriciaV
Expert Alumni

Get your taxes done using TurboTax

You can see the effect of this carryover loss on your taxable income on Form 1040 Line 7. This loss is limited to $3,000 per year, so anything more than that amount is carried over to next year.

 

As @ColeenD3 mentioned, you'll need to look at Schedule D to see how the carryover was applied to your capital gains or losses this year. Your carryover loss appears on Line 14 and your total gain or loss appears on Line 15. If Line 15 is a loss greater than $3,000, you see only the $3,000 loss on your Form 1040 Line 7. This is where your carryover loss reduces your taxable income.

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