When I filed taxes in 2023, I had Capital Loss Carryover of $19K ($6K for Short-Term and $16K for Long-Term)
For Tax Year 2024, I have a Long-Term Capital Gain of $15K and Short-Term Capital Gain of $10, how much can I claim?
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First of all in the first sentence for 2023 I think you meant your Capital LOSS was $22K not a Capital Gain. Right? It's a Capital Loss Carryover.
It's #1. You can deduct the whole carryover amount against all your gains each year. So you can use up more of it. And then if you still have a net loss you can deduct another 3,000. Then carryover $990 to 2025.
The whole 19,000 carryover will be used against your total gain of 25,000 (15+10) leaving you with a gain of 6,000 for 2024. Although your figures might not be right ..... $19K ($6K for Short-Term and $16K for Long-Term) 6+16=22 not 19.
Looks like a $6,990 net loss using $3,000 in 2023 with a $3,990 loss carryover to 2024.
that's correct as long as adjusted gross income is not negative.
Let me rephrase my questions:
When I filed taxes in 2023, my Capital Gain was $22K ($6K for short term and $16K for long term). Since I could only claim $3K Capital Loss Limit per year, my Capital Gain Carryover to 2024 was $19K ($22K - $3K = $19K).
For Tax Year 2024, my Adjusted Gross Income is not negative. I have a long term capital gain of $15K and short term capital gain of $10, total is $15,010
1) Can I deduct the whole amount of capital gain $15,010? ($19,000 - $15,010 = $3,990) AND THEN ANOTHER $3K of the Capital Loss Limit per year? $3,990 - $3,000 = $990. $990 will be the Capital Loss Carryover to 2025?
OR
2) Since the Capital Loss Limit per year is $3K, I can only deduct $3K from $15,010 capital gain (tax year 2024)? ($15,010 - $3,000 = $12,010) and I have to report $12,010 Capital Gain? And my Capital Gain Carryover to 2025 is $16K ($19K - $3K = $16K)
Thank you so much!
First of all in the first sentence for 2023 I think you meant your Capital LOSS was $22K not a Capital Gain. Right? It's a Capital Loss Carryover.
It's #1. You can deduct the whole carryover amount against all your gains each year. So you can use up more of it. And then if you still have a net loss you can deduct another 3,000. Then carryover $990 to 2025.
Hi VolvoGirl,
In the first sentence: Yes, it's the Capital LOSS of $22K and Capital Loss Carryover
Thank you so much!
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