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alzhang74
New Member

How can I manually reverse $3K capital loss applied by TT, given our taxable income is <$6K after deductions, so I can carry forward more capital loss to next year?

 
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1 Reply
ThomasM125
Employee Tax Expert

How can I manually reverse $3K capital loss applied by TT, given our taxable income is <$6K after deductions, so I can carry forward more capital loss to next year?

The capital loss allowed deduction of $3,000 per year must be taken in the current year, you are not allowed to carry it forward even if you don't have any capital gains in the current year.

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