Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
sws-ctn
New Member

If my only taxable income is short-term gains with stocks, how much of a $26,000 loss in 2016 (no taxable income) can be carried over to offset $35,000 in gains in 2017?

I have had no taxable income since 2010. During that time, my total short-term stock losses amount to $90,000 - never a gain in any year. Can losses in years prior to 2016 also be carried over when I file in 2018 (if I prove to be a smarter trader this year than in years past!)?
1 Best answer

Accepted Solutions
RichardK
New Member

If my only taxable income is short-term gains with stocks, how much of a $26,000 loss in 2016 (no taxable income) can be carried over to offset $35,000 in gains in 2017?

You are allowed to carry forward unused capital losses from one year to the next, the capital losses are offset against capital gain, then you use $3,000 of the capital loss to offset ordinary income, any unused capital loss is carried to the next year, click here for more information.

View solution in original post

1 Reply
RichardK
New Member

If my only taxable income is short-term gains with stocks, how much of a $26,000 loss in 2016 (no taxable income) can be carried over to offset $35,000 in gains in 2017?

You are allowed to carry forward unused capital losses from one year to the next, the capital losses are offset against capital gain, then you use $3,000 of the capital loss to offset ordinary income, any unused capital loss is carried to the next year, click here for more information.

Dynamic AdsDynamic Ads
Privacy Settings
v