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Hey I have capital loss carry over... how I am going to claim it next year.? Do they will claim automatically or I have to fill some kind of form?

 
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TomK
Expert Alumni

Hey I have capital loss carry over... how I am going to claim it next year.? Do they will claim automatically or I have to fill some kind of form?

When you transfer your 2018 TurboTax tax return into next year's return in 2019, the capital loss carryover will automatically transfer as well.

Carryover losses on your investments are first used to offset the current year capital gains if any. You can deduct up to $3,000 in capital losses ($1,500 if you're married filing separately). Losses beyond that amount can be deducted on future returns as a capital loss carryover until the loss is all used up.

For example, if your net capital loss in 2016 was $7,000 and you're filing as single, if you have no capital gains for 2017 and 2018, you can deduct $3,000 of the loss on your 2016 return, $3,000 on your 2017 return, and the remaining $1,000 on your 2018 return.

Unfortunately, you cannot pick and choose which future tax year(s) you wish to apply your carryover to. Carryovers from this year's return must be applied to next year's return.

If you transferred last year's return over, we automatically include the carryovers. However, it's always a good idea to keep a written record of your expected carryover amounts to compare against your return.

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