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Can I report more than 3,000 capital loss?

It's embarrassing for me to ask this question. I have been such a lousy investor that I just kept losing money in stock year after year. The carry over snow balled into a huge amount that I don't think I can ever write off the loss for the rest of my life (3000 a year would take 83 years to write off).  Observing the trend of losing streak, I decide to stop investing in stock. Can I report all these carry over loss at once? What will happen to those carry over loss if I am not able to write them off before I die?

2 Replies
New Member

Can I report more than 3,000 capital loss?

Sorry about your situation. 

Each tax year you can only use $3,000 ($1,500 for married filing separately) of your capital loss carryover to offset ordinary income, even if you do not have other capital gains or losses in that year.


Level 15

Can I report more than 3,000 capital loss?

Understand also that you will "claim" your total losses each year, regardless of the amount. Then there program will deal with what you are "allowed" to deduct accordingly, and carry the remainder over to the next year. But if you don't "claim" your losses in the year they occur, then you can not carry them over to the next year.
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