topic capital gains loss carry forward in Deductions & credits

capital gains loss carry forward

g99g99g99 — Sat, 03 Apr 2021 19:49:04 GMT

I had 86,000 capital gains losses carry forward in 2017 in 2018 turbo said they would carry the losses forward since i had 3000 in 2018 i did not check to see if old losses were carried forward in 2019 i again filed turbo again said would carry losses forward again i had over 3000 losses in 2019 so i again did not check in 2020 i did not have losses so i checked no carry forward so turbo did not carry the 86,000 forward in 2018 or 2019 now Turbo said after 4 calls and a letter come here and seek advice how i can recover my 86,000 losses

Re: capital gains loss carry forward

JohnB5677 — Sun, 04 Apr 2021 12:43:25 GMT

Lets start by checking your 2020 tax return. You should see -3,000 in box 7 of your 2020 individual tax return.

To view your 1040:

On the menu bar on the left that shows.
1. My Info
2. Federal
3. State
4. Review
5. File
Select Tax Tools
On the drop down select Tools
On the popup menu
Select View Tax Summary
On the left sidebar
Select Preview my 1040

If you do not, you will have to go back and check your previous tax returns.

Under the red circle with the check mark select Documents
View Documents from: is a drop down with various years.
Select the year you wish to review.

If the previous years did not carry forward you will have to amend your returns.

Select your tax year for amending instructions:

For additional information please refer to How to Amend

Re: capital gains loss carry forward

g99g99g99 — Sun, 04 Apr 2021 14:12:19 GMT

thank you for the reply how ever you need to read my question better i said that i had 86,000 loss to carry forward in 2018 i had an additional over 3000 loss so it showed the 3000 but turbo did not carry the 2017 86000 loss forward since i saw that there was a 3000 loss i did not check the loss forward and assumed turbo had carried for ward the same thimng happen in 2019 in 2020 there was no loss so i started looking for my loss forward and discovered that turbo had not carried the loss for ward in 2018 nor 2019 so the loss did not show for 2020 so read this and tell me how to correct since my letter to turbo referred me here thanks george

Re: capital gains loss carry forward

NCperson — Sun, 04 Apr 2021 14:37:55 GMT

so this is easier on everyone, please state your capital loss by year: no words please, just numbers - it'll be easier to explain what to do that way

2017: $86k

2018:

2019:

2020:

I am asking what is stated on Schedule D each year, not what is on Line 7 of Form 1040

Re: capital gains loss carry forward

g99g99g99 — Sat, 10 Apr 2021 13:21:20 GMT

ok i need to file amended returns for the years 2018 2019 and 2020 i tried 2018 first the line for capital gains carry over could not find how about telling me where i find this to file the amended returns

Re: capital gains loss carry forward

g99g99g99 — Sat, 10 Apr 2021 13:22:29 GMT

it is zero carry for ward each year after 2017

Re: capital gains loss carry forward

ColeenD3 — Sat, 10 Apr 2021 18:27:33 GMT

You would need to amend for each year that did not show the loss carryforward and include it. You will have to manually enter the losses from one year to the next.

Re: capital gains loss carry forward

g99g99g99 — Sat, 10 Apr 2021 20:45:41 GMT

not as easy as said i tried to amend 2018 first it brought up a scree that wanted me to put in my 2017 income then break down my losses long and short term it would seem since my 2017 taxes show the 86,000 loss that should have been carried forward that that is all i would need i am lost

Re: capital gains loss carry forward

JohnB5677 — Sun, 11 Apr 2021 14:09:16 GMT

You should be able to enter the carryover directly into the program without all of the other questions.

To correct Capital Loss Carryover:

Income
Scroll to Investment income
Select Capital loss Carryover
Make your correction.

You are allowed a maximum capital loss in any one year of $3,000, and any excess loss can be carried forward to future years to offset gains. Each subsequent year also has a maximum loss limitation of $3,000.

Your carryover amount will be any remaining short-term losses along with all your long-term losses. If you have less in short-term losses, then first use any short-term losses you do have, and then take long-term losses to take you up to the $3,000 total. Any remaining long-term losses in that situation are eligible to carry over.

Re: capital gains loss carry forward

Doublekham — Fri, 22 Oct 2021 16:01:28 GMT

Do you have to continue to take the Capital Loss Carryover every year or can you stop and start again at a later date?

Re: capital gains loss carry forward

DoninGA — Fri, 22 Oct 2021 16:05:41 GMT

@Doublekham wrote:

Do you have to continue to take the Capital Loss Carryover every year or can you stop and start again at a later date?

Every year until the total loss has been used.

Re: capital gains loss carry forward

Doublekham — Fri, 22 Oct 2021 16:18:40 GMT

Thanks for the reply