How do I carryover to 2017 a capital gain loss in 2016 ( form 1099b ) that was not reported in 2016 tax?

[jss32]

i failed to report form 1099-b data on my 2016 tax. 2016 taxes are not impacted by this omission as net capital gain was a loss. how can  icorrect this in order to carry over loss to 2017 tax?

[LindaA]

You'll need to amend your 2016 tax return to add the 1099-B. If there is a capital loss carryover, you'll enter it on your 2017 tax return. Any amount that is unused in 2017 will be carried forward to 2018. You can't pick and choose which year the loss will apply. You must use the capital loss that is available on the current year return and carry any unused amount forward to future years. If you skip a year, you'll permanently forfeit the carryover.

Please see the FAQs below for more information. (You may need to click See entire answer.)

What is a capital loss carryover?    https://ttlc.intuit.com/replies/4789424

How to amend (change or correct) a return you already filed   https://ttlc.intuit.com/replies/3288565

[Dinky]

I had capital loss in 2016 which is more than 3000$ which I realised this year.I have not yet filed 2017 taxes.should I amend my 2016 return first and then take into effect capital carryover or file 2017 without capital carryover benefit and then again amend 2017 return.?

[Dinky]

I had capital loss in 2016 which is more than 3000$ which I realised this year.I have not yet filed 2017 taxes.should I amend my 2016 return first and then take into effect capital carryover or file 2017 without capital carryover benefit and then again amend 2017 return.?

[LindaA]

@Dinky If you didn't report the 2016 capital loss carryover on your 2016 tax return you'll need to amend the 2016 tax return. As for 2017, if you have a refund coming before you include the capital loss carryover, you can file an extension and then wait to file your 2017 tax return with the capital loss carried forward from 2016 after the IRS has processed the 2016 amendment. (Please be aware that an extension gives you extra time to file your paperwork, not extra time to pay any money you owe.) If you owe money to the IRS on your 2017 return before including the 2016 capital loss c/o, it might be better to go ahead and file the 2017 return without the loss c/o and then amend it later, after the IRS has processed the 2016 amendment. I hope this helps. If you need additional assistance please submit a new question.

[Dinky]

Thanks for the prompt reply.Appreciate it!!!

[LindaA]

@Dinky You're very welcome.