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Can you explain why I had a capital gain/loss when no property changed hands?

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2 Replies
ThomasM125
Expert Alumni

Can you explain why I had a capital gain/loss when no property changed hands?

You can only deduct a net capital loss up to $3,000 in a year, the rest gets carried over to the next year. So, it is possible that you have a capital loss carried over from the previous year that is showing up on your tax return this year.

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Can you explain why I had a capital gain/loss when no property changed hands?

which is it - a capital loss which can come from a carryover or a capital gain which could only come from a current year transaction?   but gains could come from many different input forms. 

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