Did not file capital loss in 2014 and 2015. Have capital gain in 2016

[vchin85]

I have capital loss trading stock in 2014 and 2015 but I did not include those info in 2014 and 2015 tax return. Now I have capital gain in 2016, what should I do?

[MinhT · Accepted solution]

To claim the capital losses in 2014 and 2015, you'll need to amend both years' tax returns.

[vchin85]

Thank you! If I amend both years tax returns, what info should I use in this year tax return?

[IreneS]

UPDATED FOR TAX YEAR 2019

If you still have a capital loss carryover after amending your prior year returns, you can carry over any remaining to your 2019 return.  To include your long-term capital loss carryover on your 2019 return, please follow these steps:

1. Click on Federal Taxes > Wages & Income [In TT Self-Employed:  Personal > Personal Income > I'll choose what I work on].
2. In the Investment Income section, click on the Start/Update box next Capital Loss Carryover.  
3. On the screen, Did you have investment losses you couldn't claim in 2018? click the blue Yes box.
4. Click the appropriate radio button on the screen, Do you know your capital loss carryover amounts?  
5. Enter your figures on the next screen, Tell us your capital loss carryover amounts from 2018 .

[Edited | 4/9/2020 |  10:29am PDT]

[vchin85]

Thank you! But what about the 2014 capital loss?

[TomYoung]

You amend your 2014 income tax return 1st.  If you have losses from that year that carry forward that's part of your amendment of 2015, along with entering any "fresh" capital losses in 2015.  That second amendment will have a loss carryforward to 2016 and that's what you enter in 2016.

[IreneS]

Follow Super User TomYoung's advice.  You can take a maximum cap loss each year of $3,000.

[vchin85]

Thank you so much!