I have a couple of capital loss scenarios. In all these scenarios, I am talking about long-term capital losses/gains.
1) Suppose I have $24,000 in capital losses from last year. I plan to use $3,000 in losses each year for the next 8 years. If I have another $3,000 in losses sometime during those 8 years, can I use that new loss in the 9th year, because it would not be 8 years old yet?
2) Suppose I have $24,000 in capital losses from last year. I use $3,000 in losses when filing my taxes and I carryover 21,000 in losses. Next year, I have a capital gain of $21,000. Can I use all of my 21,000 carryover losses to offset my 21,000 gain the next time I file taxes?
3) Suppose I have $50,000 in capital losses from last year. I use $3,000 in losses when filing my taxes. Can I carryover 47,000 in losses? In other words, is there any limit to how much loss I can carryover to the next year? I've heard there is an 8-year limit to use losses, but is there a dollar limit?
Thanks for the help.
