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Deductions & credits
Right! The 3,000 loss is AFTER it applied the carry over to all your gains. It's right. Your carryover loss has been reduced by the gains. Now you still have some of the carryover left over. You only get to take a net 3,000 loss on your tax return.
Maybe we can explain it better using your real numbers. Say you had a 250,000 Capital Loss Carryover from 2019. Minus the 190,000 gain equals a 60,000 loss remaining. You can only deduct 3,000 of the 60,000 Loss each year so you will have 57,000 left to carry over to next year 2021.
‎April 27, 2021
11:16 AM
3,568 Views