Can I carry over capital losses from Q1 2018 to Q2 2018?

[Anonymous]

I was wondering if capital gains in Q2 2018 can be offset with capital losses in Q1 2018. This way can I make estimated tax payments in Q2 2018 only for the net gains (gains in Q2 2018 - losses in Q1 2018) or would I make estimated tax payments for Q2 2018 based only on the capital gains in Q2 2018 and not subtract capital losses from Q1 2018?

I know I can carry over 3000$ capital losses from one year to the next, but this question is specifically about carrying the capital losses over from one quarter to the next.

[VolvoGirl]

Capital Gains and carryover losses go for the whole year.  Don’t worry about quarters.

You get to first offset the loss against any gains you have each year so that can use more of it up.  Then after applying the loss to the current gains you can take a max loss of 3,000 per year.

If you have investment sale losses, after you subtract the losses from your gains you can only deduct up to 3,000 per year. You can only deduct up to 3,000 (1,500 MFS) loss per year after any gains you have.  So if you have a lot of current gains you can use up the loss.  The rest you will have to carryover until it is used up.

If you transferred your prior return it should be already filled in.

Enter a Capital Loss Carryover under

Federal Taxes on the Left or Personal (Home & Business)

Wages and Income

Then scroll down to Investment Income

Capital Loss Carryovers - Click the Start or Update button

[Anonymous]

I understand about annual carryover. However, my forecast is that I will make capital gains in Q2 2018, but have made losses in Q1 2018. So when making estimated tax payments at the end of Q2 2018, the tax payment will be different if I only consider gains from Q2 2018 or if I am allowed to subtract losses from Q1 2018. Please clarify specifically on whether I account for net (cumulative) 2018 gains (gains Q2 2018-losses Q1 2018) or only Q2 2018 gains when making estimated tax payment for Q2 2018.

[VolvoGirl]

Yes just consider the NET.  Sorry I thought you also had a carryover from 2017.