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F M
Level 2
October 30, 2024
Question

Losses carry forward in PA tax returns

  • October 30, 2024
  • 2 replies
  • 49 views

Are Capital losses allowed to be carried forward for setoff in future years in PA?

    2 replies

    Level 5
    Alicia65Level 5
    Level 5
    October 30, 2024

    Unfortuatly they do not.  You cannot carry forward or carryback gains or losses in PA.

    PA income tax rules for offsetting losses against gains.

      carolineb
      Level 5
      carolinebLevel 5
      Level 5
      October 30, 2024

      Pennsylvania does not allow for the carryover of losses from one tax year to another year.  Losses can only be taken in the year that the taxable event occurs, and property must have been purchased for investment purposes (not personal use).  Pennsylvania allow does not allow investment losses to be used against other classes of income, or to offset income between spouses. Here is a link to PA DOR information on this subject that may help you with further questions: 

      Net Gains (Losses) from the Sale, Exchange, or Disposition of Property

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