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Level 1
posted Mar 30, 2023 12:48:11 AM

Any limitation to the dollar amount of Capital Loss Carryover that can be used to offset capital gains, in one year?

Example, I have $50k in Capital Loss Carryover. In the subsequent tax year, I have $40k in Capital gains. $40k of my Capital Loss Carrover offsets my $40k in Capital Gains? (no limitation on the dollar amount of the carryover that can be applied to Capital gains in one year?). $3k of the Capital Loss Carryover is then applied to income, and then $7k in Capital Losses are carried over to the subsequent year?

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1 Best answer
Level 15
Mar 30, 2023 1:00:42 AM

You have a perfect understanding of Capital Loss Carryover.

3 Replies
Level 1
Mar 30, 2023 1:00:20 AM

Based on the answer below, there is no limit imposed on how much of the carryover can be used to offset capital gains in a year. That's great.

 

Solved: Can I utilize more than $3k in capital loss carryover next year? (intuit.com)

Level 15
Mar 30, 2023 1:00:42 AM

You have a perfect understanding of Capital Loss Carryover.

Level 1
Mar 30, 2023 1:06:06 AM

Thank you! Happy to hear that. 😀