topic What is a capital loss carryover. I didn't file last year I just turned 18 in Investors & landlords

What is a capital loss carryover. I didn't file last year I just turned 18

tiffanie_smith20 — Fri, 26 Mar 2021 22:16:49 GMT

Re: What is a capital loss carryover. I didn't file last year I just turned 18

Carl — Fri, 26 Mar 2021 22:39:10 GMT

See if the definition, explanations and examples help you understand at https://www.investopedia.com/terms/c/capital-loss-carryover.asp

Re: What is a capital loss carryover. I didn't file last year I just turned 18

VolvoGirl — Fri, 26 Mar 2021 22:42:34 GMT

Why are you asking? If you didn't file a 2019 return then you had nothing to carry over. In 2020 did you have any investments? If you sold anything you might have a loss you can carry over to next year.

Re: What is a capital loss carryover. I didn't file last year I just turned 18

RayW7 — Fri, 26 Mar 2021 22:45:40 GMT

Carryover losses on your investments are first used to offset the current year capital gains if any. You can deduct up to $3,000 in capital losses ($1,500 if you're married filing separately). Losses beyond that amount can be deducted on future returns as a capital loss carryover until the loss is all used up.

Since this is the first year you are filing you should not have an Capital Loss carried forward from a previous return.

You can just delete the form Schedule D, Capital Gains and Losses,

Here's the general procedure for viewing the forms list and deleting unwanted forms, schedules, and worksheets in TurboTax Online:

Open or continue your return in TurboTax.
In the left menu, select Tax Tools and then Tools.
In the pop-up window Tool Center, choose Delete a form.
Select Delete next to the form/schedule/worksheet in the list and follow the instructions.

-for more information on Capital Gains and Losses follow this link-

Capital Gains and Losses - TurboTax Tax Tips & Videos

Topic No. 409 Capital Gains and Losses | Internal Revenue Service

Re: What is a capital loss carryover. I didn't file last year I just turned 18

Carl — Fri, 26 Mar 2021 23:33:49 GMT

@VolvoGirl I figured he just wants to learn, as he probably ran across it in the program since it's their first time filing taxes and using the program. They really didn't provide that much info to work with, which is not uncommon for a first time filer. I'm just hoping we can give them a "starting point" that can help in the learning process, without discouraging the desire to learn. Lord knows they absolutely will not teach this stuff in school, like they did in my school days.

Re: What is a capital loss carryover. I didn't file last year I just turned 18

Mike9241 — Sat, 27 Mar 2021 01:32:20 GMT

if you have a capital loss carryover from 2019, you need to file a return to report it. if you don't the IRS has the right to reject the claim on the 2020 return.