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Traveler167
Returning Member

Capital Loss carry forward

We live in Idaho, and I have been carrying a $325,000 loss from 2008.  Idaho captures that from my fed tax return and adds to imcome.  Question is "can I relinquish the carry forward amount from my federal return.  I would lose $3000 credit every year until I die.  So what.

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2 Replies
RobertB4444
Employee Tax Expert

Capital Loss carry forward

Sure.

 

You aren't required to take the credits on your tax return when you file and the IRS doesn't mind if you want to give them extra money.  You may have to create a new TurboTax account and start over on your return, though.  TurboTax is designed to get you the biggest refund it can and there is no way to explain to it that you don't want a $3000 deduction.

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bobgrant99
Returning Member

Capital Loss carry forward

Thank you Robert. 
leaving the loss earns a $24,009

tax bill from Idaho. We are elderly(aka old), and I expect to stop filing in a couple of years. Again, thanks for your response. 
bo b

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