Sorry for your loss. I assume you are working on the final personal return. Has an estate for the deceased been established and if so, are you the administrator of that estate?

My mother in law only had one child, my husband, and he is the administrator of the estate.  We are doing his mom's final return.

The capital loss carry forward ceases on death. So, the entire $47,000 is lost.

See https://ttlc.intuit.com/questions/2299802-can-long-term-capital-loss-from-a-deceased-person-carry-ov...

Hal-Al, I've been researching, and from what I see, it appears that if an estate return will be done after the final personal return, then the capital loss carryover transfers to the estate, and any remaining loss is not lost until the tax year the estate is distributed and dissolved. Only problem is, while I find information on estates carrying forward losses, I can't find anything on the transfer of those losses into the estate.

I added a reference to the answer.  From a practical matter, an estate would be unable to use the loss carry forward, as all capital assets "step up" in basis.

Ah yes! I wasn't thinking along the terms of the estate "inherited" the deceased's assets. I've never seen it referred to in that manner. But that's exactly what it is!