How long do I need to report a $60 capital gains loss that came from my stocks in 2021? I have not bought or sold since 2021.

[DoninGA]

You cannot enter and investment sale, gain or loss, from 2021 on a 2023 tax return.  This has to be entered on the 2021 tax return that was filed.  You will need to amend the 2021 tax return to report the sale.

See this TurboTax support FAQ for amending a tax return - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-a...

[SharonD007 · Accepted solution]

You only get to deduct the $60 capital gain loss for one year. . You would only deduct the $60 loss in 2021. The maximum capital gains loss you can deduct each year is $3,000 and since your loss was only $60, you won't carryover a capital gains loss for any other year.

Refer to the TurboTax articles Where do I enter a capital gain or loss? and A Guide to the Capital Gains Tax Rate: Short-term vs. Long-term Capital Gains Taxes.

[caseystarr18]

Thanks for responding! This was on my 2021 return, i do not need to amend. I’m wondering how long i need to continue this form on my tax returns in the future. 

[SharonD007]

The Schedule D, Capital Gains and Losses doesn't need to remain on your tax return if you didn't have any transactions and you have no carryover losses.   You can delete the Schedule D from your tax return by following the instructions below:

For TurboTax Online:

1. Sign in to TurboTax and open your return
2. Select Tax Tools from the menu ‌
3. Select Tools
4. In the pop-up window select Delete a form
5. Find Schedule D in the list and Select Delete.

Refer to the TurboTax help article How do I view and delete forms in TurboTax Online? for more information.

To delete a form in TurboTax Desktop, follow the instructions below:

1. Open your tax return
2. Select the Forms icon
3. Select the form you want to delete from the menu
4. Once the form is generated, select Delete Form
5. Follow any instructions to delete the form(s).

For more information, refer to the TurboTax help article How do I delete a tax form in TurboTax Desktop?

[fanfare]

If your $60 loss was carried over from 2021, you must report it every year, or else lose the future deduction.

But you don't have a carry over, you would have used it up on your 2022 tax return.

@caseystarr18