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asitecn
New Member

I failed to report capital loss for 2014 and 2015. Can I re-calculate and report the loss carryover since 2013?

I am able to pull out records from 2010, 2011, 2012, 2013 to re-calculate the total loss carryover for year 2013. For those years, the carryover I reported was the immediate year (which was defaulted by Turbo-tax). For year 2014 and 2015, I failed to report capital loss (naive about tax filing), however, those two years, I did have capital loss under -$3000.

Now, the question is - can I amend the loss carryover of 2013 to this year? If so, how can I show the proof, by providing previous years tax return?  Does turbo-tax allow me to submit previous year's return?

Thanks.
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1 Best answer

Accepted Solutions
MargaretL
Expert Alumni

I failed to report capital loss for 2014 and 2015. Can I re-calculate and report the loss carryover since 2013?

No, you cannot take the loss from 2013 and put it on your 2016 tax return; the IRS doesn't allow you to skip the years for capital loss carryover purposes. 

You should amend 2014 and 2015 tax years and report any carryover losses that were unused from 2013 tax year. Only then, whatever is left can be claimed on your 2016 tax return.  

As to the proof - you don't have to submit any additional documents, the IRS does have your tax return for 2013 where the original carryover loss is reported and you will type an explanation for the amendments. As to the submission...amendments are to be printed and mailed, per IRS. Electronic amendments are not allowed. 

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2 Replies
MargaretL
Expert Alumni

I failed to report capital loss for 2014 and 2015. Can I re-calculate and report the loss carryover since 2013?

No, you cannot take the loss from 2013 and put it on your 2016 tax return; the IRS doesn't allow you to skip the years for capital loss carryover purposes. 

You should amend 2014 and 2015 tax years and report any carryover losses that were unused from 2013 tax year. Only then, whatever is left can be claimed on your 2016 tax return.  

As to the proof - you don't have to submit any additional documents, the IRS does have your tax return for 2013 where the original carryover loss is reported and you will type an explanation for the amendments. As to the submission...amendments are to be printed and mailed, per IRS. Electronic amendments are not allowed. 

asitecn
New Member

I failed to report capital loss for 2014 and 2015. Can I re-calculate and report the loss carryover since 2013?

Thanks! I think I need to amend tax returns for all years from 2012 to 2015 for loss carryover..
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