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Ace1800
New Member

Can I use my previous years capital gain loss carryover without any capital gains this year

 
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Hal_Al
Level 15

Can I use my previous years capital gain loss carryover without any capital gains this year

Yes. In fact, you are required to use it, this year, to the extent you can (usually $3000). if you used TurbpTax last year. all of that will happen automatically

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4 Replies
Hal_Al
Level 15

Can I use my previous years capital gain loss carryover without any capital gains this year

Yes. In fact, you are required to use it, this year, to the extent you can (usually $3000). if you used TurbpTax last year. all of that will happen automatically

DEN
New Member

Can I use my previous years capital gain loss carryover without any capital gains this year

So does that mean you take the $3,000 capital deduction every year? For example: in 2012 I had $30,000 in capital losses; I take a $3,000 deduction. In 2013 I have no activity - no gains or losses. Would I then take a $3,000 deduction reducing my capital loss carryover to $27,000?
Hal_Al
Level 15

Can I use my previous years capital gain loss carryover without any capital gains this year

Yes. The $3000 capital loss you claim in 2013 will reduce your other taxable income and $27,000 will carry over to 2014.
But, if you have a capital gain in 2014, the 27,000 carry over will be used against it. Using an example: let's say you sold stock in 2014, realizing a $10,000 gain. On schedule D, the $10,000 gain will be combined with the $27,000 carry over loss for a new net loss of $17,000. $3000 will be deducted (on line 13 of form 1040) against other income and $14,000 carried over to 2015.
DEN
New Member

Can I use my previous years capital gain loss carryover without any capital gains this year

Hi ok thanks super helpful! So when there is no investment activity - you still get the benefit of the $3,000 deduction each year until your capital loss carryovers are zero. Well, looks like I'll have to be revising my historic return!
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