topic If I have a 10K cap loss carryover from last year and a 50k long term cap gain this year (no short term stuff), must I apply all of the carryover to this year's gains? in Investors & landlords

If I have a 10K cap loss carryover from last year and a 50k long term cap gain this year (no short term stuff), must I apply all of the carryover to this year's gains?

jimaco44 — Mon, 03 Jun 2019 19:01:02 GMT

To be clear -- there are no short term gains or losses for this year. There is just regular income, long term cap gains and the cap loss carry over from the previous year.

Yes, if you have a capital loss carryover and you have ca...

PatriciaV — Mon, 03 Jun 2019 19:01:03 GMT

Yes, if you have a capital loss carryover and you have capital gains on your current return, you are required to net the carryover loss against your current gains. The character of the gain/loss is not retained; short term may be offset against long term and vice versa.

Thanks!

jimaco44 — Mon, 03 Jun 2019 19:01:05 GMT

Thanks!