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Level 2

Question

Capital Loss carry forward

Forum|Forum|4 years ago
February 18, 2022
2 replies
18 views

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.

Not A Product Question

Level 15

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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bobgrant99Author

Level 2

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