topic Stock Trading Losses in Get your taxes done using TurboTax

Stock Trading Losses

JoeMal — Tue, 10 Feb 2026 10:33:12 GMT

Had minimal income during and right after covid. Started day trading. Had losess of 12k over last 3 years.

Made decent income this past year. Can i deduct the 12K incured over the last 3 years in trading losses from income generated from other sources in 2023?

Re: Stock Trading Losses

JulieS — Wed, 28 Feb 2024 17:18:13 GMT

No, but you can deduct up to $3000 ($1500 if married filing separately) of capital loss carryforward against your other income each year until the amount is used up.

The way this works is that each year you report your sales on your tax return. If it nets out to a loss, you use $3000 loss for the current year and the rest of your loss carries forward to the next year.

So you can't save the $12,000 loss and use it when you want to. You just carry the amount forward until it is all used up.

If you have filed with TurboTax every year, your losses stay in your account and are carried forward automatically.

Re: Stock Trading Losses

JoeMal — Wed, 28 Feb 2024 17:27:24 GMT

Can i go back to 2022 taxes and deduct $3K if i had a net gain for that year?

Re: Stock Trading Losses

MayaD — Wed, 28 Feb 2024 17:37:03 GMT

Yes. Amend your 2022 return first.

topic Stock Trading Losses in Get your taxes done using TurboTax

Stock Trading Losses

Re: Stock Trading Losses

Re: Stock Trading Losses

Re: Stock Trading Losses

How do I amend my federal tax return for a prior year?