topic I got married in 2016, can I use her capital loss carryover? She did not have taxable income but has filed a return each year only to repay her Home Buyers Credit. in Investors & landlords

I got married in 2016, can I use her capital loss carryover? She did not have taxable income but has filed a return each year only to repay her Home Buyers Credit.

californiasteven — Sat, 01 Jun 2019 03:09:34 GMT

Congratulations! Yes, you may.

CherylW — Sat, 01 Jun 2019 03:09:36 GMT

Congratulations!

Yes, you may.

Thanks Cheryl. Was it clear that her capital loss was no...

californiasteven — Sat, 01 Jun 2019 03:09:37 GMT

Thanks Cheryl. Was it clear that her capital loss was not reported on her 2015 and earlier years' returns? Her son prepared her return each year just to pay back the Home Buyers' Credit. I am now preparing our first joint return.

I don't know how it was reported. Look on her Schedule D...

CherylW — Sat, 01 Jun 2019 03:09:39 GMT

I don't know how it was reported. Look on her Schedule D, page 2 of her 2015 return for her loss carryover.

Since her son knew that she would have no taxable income...

californiasteven — Sat, 01 Jun 2019 03:09:41 GMT

Since her son knew that she would have no taxable income he did not bother to enter her 1009-B or 1099-DIV on her return at all.

Then you'll have to recreate her capital loss. Go to the...

CherylW — Sat, 01 Jun 2019 03:09:43 GMT

Then you'll have to recreate her capital loss. Go to the earliest year that she had one, and add that to the subsequent years.

Thanks Cheryl!!! That was the answer I was hoping for!!!...

californiasteven — Sat, 01 Jun 2019 03:09:45 GMT

Thanks Cheryl!!! That was the answer I was hoping for!!! Should I file amended returns for previous years to report the carryover to the IRS?

Interesting question, I would just keep the documentation...

CherylW — Sat, 01 Jun 2019 03:09:46 GMT

Interesting question, I would just keep the documentation, if they come back to you then you can worry about amending. It

OK Thanks so much. TurboTax is the best.

californiasteven — Sat, 01 Jun 2019 03:09:48 GMT

OK Thanks so much. TurboTax is the best.

My pleasure. We think so too!

CherylW — Sat, 01 Jun 2019 03:09:51 GMT

My pleasure. We think so too!