You can't choose which tax years to apply your carryover to. Carryovers from the 2022 return must have been applied to your 2023 return. If there was any left in 2023, it would carryover to 2024. Capital Loss Carryovers
You can deduct up to $3,000 in capital losses ($1,500 if you're Married Filing Separately). Losses beyond that amount can be deducted on future returns as a capital loss carryover until the loss is used up.
For example, if your net capital loss in 2022 was $7,000, you're filed as single, and you didn’t have capital gains to offset the losses, you could:
- Deduct $3,000 of the loss in tax year 2022.
- Deduct $3,000 in tax year 2023.
- Deduct the remaining $1,000 in tax year 2024.
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