DawnC
Expert Alumni

Deductions & credits

No.  The carryover (Line 7) is applied before the standard or itemized deduction (Line 12).  You can't keep the carryover whether you take the standard or itemized deductions.   Instructions are below to switch from standard to itemized.  

 

How to switch from standard to itemized.   How the capital loss carryover works:

 

You have a $10K carryover from last year.  If it's more than $3,000, then you can offset $3,000 of your other, ordinary income this year and carry over the balance to next year. If you don't have any other income to offset this year, the entire $10,000 would carry over to next year.     

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