TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 4

Solved

Long term capital loss carryover - Can I opt not to take 3000 loss each year?

1 reply
34 views

I have a long term capital loss carryover. I am currently retired and I am landlord. Between my itemized deductions (mortgage) and my rental loss (depreciation) I do not need the $3000 loss each year to offset any income. It becomes a useless loss for me. Is there a way to opt out of taking the $3000 loss? TurboTax just fills it in.

dmertzAnswer

Level 15

Expert Reviewed

The $3,000 loss must be included on Form 1040 line 7, but whatever portion of that $3,000 doesn't reduce your taxable income gets added back to your carryover to next year on the Capital Loss Carryover Worksheet. If without including the $3,000 loss on line 7 your taxable income on Form 1040 line 15 is above zero, your carryover is still reduced by the amount of the loss that should have been used.

dmertzAnswer

Level 15

Expert Reviewed

The $3,000 loss must be included on Form 1040 line 7, but whatever portion of that $3,000 doesn't reduce your taxable income gets added back to your carryover to next year on the Capital Loss Carryover Worksheet. If without including the $3,000 loss on line 7 your taxable income on Form 1040 line 15 is above zero, your carryover is still reduced by the amount of the loss that should have been used.