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gggui666
New Member

If my income after using exemption is below standard deduction, do I still need capital loss carryover? My taxable income is already 0, deducting $3000 changes nothing.

My original income is above standard deduction. I have a $5000 tax treaty exemption and $3000 carryover losses
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2 Replies

If my income after using exemption is below standard deduction, do I still need capital loss carryover? My taxable income is already 0, deducting $3000 changes nothing.

You can keep entering in your carryover loss yearly. if in the  future you have a capital gain this can be applied to it.

ColeenD3
Expert Alumni

If my income after using exemption is below standard deduction, do I still need capital loss carryover? My taxable income is already 0, deducting $3000 changes nothing.

You can't skip years. The loss has to be entered every year, whether you can use it or not.

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