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tech8848
Level 2

Capital Loss Carryover from 2018

I have >$6000 in capital losses from the 2017 cryptocurrency crash that I forgot to report in my 2018 taxes. The capital losses fall under the 2018 tax year, to reiterate. Turbotax has a section for Schedule D losses from 2019, but not from 2018. Does anyone know how to report a loss from two tax years ago?

2 Best answer

Accepted Solutions
VolvoGirl
Level 15

Capital Loss Carryover from 2018

You might need to amend 2018 and 2019 to get the right amount to enter on 2020.

 

You have to report the carryover every year until it's used up.  You can't skip a year.  Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year.  You can't choose when to use it.

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AmyC
Expert Alumni

Capital Loss Carryover from 2018

You need to go ahead and file this year's return. If you mailed the returns in, it will be a long time until they are processed. The IRS is opening last summer's tax returns that were mailed in. The IRS won't review and audit for 3-4 years and by then it will all be in and settled so it makes sense.

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3 Replies
VolvoGirl
Level 15

Capital Loss Carryover from 2018

You might need to amend 2018 and 2019 to get the right amount to enter on 2020.

 

You have to report the carryover every year until it's used up.  You can't skip a year.  Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year.  You can't choose when to use it.

View solution in original post

tech8848
Level 2

Capital Loss Carryover from 2018

Hi, I submitted those amendments in February for 2018 and 2019 but they have not been processed yet. Can I still submit this year's return or do I need to wait for the amendments to be processed first? I am asking because there is a small amount of capital loss that rolled over to this year from 2019 after the amendments. 

AmyC
Expert Alumni

Capital Loss Carryover from 2018

You need to go ahead and file this year's return. If you mailed the returns in, it will be a long time until they are processed. The IRS is opening last summer's tax returns that were mailed in. The IRS won't review and audit for 3-4 years and by then it will all be in and settled so it makes sense.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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