Q. My question is can I claim that $3,000 deductible next year filing instead of this year since I didn't make very much in 2023 (taxable income)? In other words, can I skip the $3,000 deductible this year filing and claim it starting next year?
A. Simple answer: No.
You MUST enter the capital loss carry over, from 2022, on your 2023 tax return. If your income is low enough, it may work out that you do not use up the entire $3000 loss entered on the 2023 return.
Basically, you are allowed to use your standard or itemized deductions to reduce your taxable income before having to use your capital loss.
Technically, if your standard (or itemized) deduction is greater than your AGI, without the capital loss, then all your capital loss is carried forward.
TurboTax will do the calculations and prepare a capital loss carry forward amount to 2024.
