Capital Loss Carryover
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Returning Member

Capital Loss Carryover

I inherited s stock that my mom had for over 20 years. I sold a few months after she died, calculated the inherited price at the day she died (Feb. 25,2020) to the price I sold it at (May 29. 2020) and had over a $4,000 loss. Does this represent a $3000 loss on my 2020 taxes and the excess applied to 2021?

2 Replies
Level 15

Capital Loss Carryover

Assuming you had no capital gains from another investment you are correct. It is a long term capital loss of which $3,000 will be deducted from regular income with the rest carried over to your 2021 return. 

Employee Tax Expert

Capital Loss Carryover

Yes. Also, inherited stock is automatically long-term. Be sure to indicate that you inherited it when asked how you got the stock. See the screen shot below. The first entry is where select how you received it.




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