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Can i enter capital losses from past years if I never entered them before?

I had some stock losses in 2019.  i did not report them as there were no capital gains.

 

Can i report them this year to offset my gains for 2022?  or would i have had to report them in 2019 as a loss to carry it over now?

 

is there a way to still use the loss to help now?

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3 Replies
robtm
Level 10

Can i enter capital losses from past years if I never entered them before?

No, you cannot use 2019 losses on your 2022 return. You would need to do an amended return for 2019 to use these losses. Losses can only be used in the year they were incurred.

CatinaT1
Employee Tax Expert

Can i enter capital losses from past years if I never entered them before?

No. You will have to amend your 2019 to include your losses and also amend your 2020 and 2021 to have any of the losses carried forward. For both 2020 and 2021, the capital loss carried forward can be used to offset any capital gain and offset other income by $3,000 ($1,500 if MFS). Once they are carried forward and $3000 is applied each year if there is any loss left over you can use them in 2022.

 

See this TurboTax FAQ for help with amending.  

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Can i enter capital losses from past years if I never entered them before?

not only would 2019 need to be amended but also subsequent years until it is used up or you elect to forgo any remaining carryover. an amended return for 2019 must be filed by 4/18/2023 or the extended due date if you filed a valid extension for 2019 otherwise, it is permanently lost 

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