We had a capital loss in 2015 that we didn't include in our 2015 taxes. Can we use that loss to offset capital gains in 2016?

Forum|Forum|7 years ago
June 5, 2019
1 reply
23 views

We opened the account in 2015 and shortly thereafter it lost a substantial amount of money. It has just recently recovered to equal our original investment amount.

TurboTax Deluxe Online

Best answer by MichaelL1

You only have a loss, if you actually sold it.

So if for example, I own a stock, that I paid $10K for it went down to $7K, I do not have a loss on my return, unless I actually sell the stock.

Just like if the stock shot up to $13K, I do not report the gain, due to not selling the stock.

If you actually sold the investment if 2015, it would need to be reported on the 2015 return, and that return would need to be amended.

See below for amending a return.

https://ttlc.intuit.com/replies/3288565

MichaelL1Answer

Level 15

You only have a loss, if you actually sold it.

So if for example, I own a stock, that I paid $10K for it went down to $7K, I do not have a loss on my return, unless I actually sell the stock.

Just like if the stock shot up to $13K, I do not report the gain, due to not selling the stock.

If you actually sold the investment if 2015, it would need to be reported on the 2015 return, and that return would need to be amended.

See below for amending a return.

https://ttlc.intuit.com/replies/3288565

We had a capital loss in 2015 that we didn't include in our 2015 taxes. Can we use that loss to offset capital gains in 2016?

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