Capital loss carry over

Chris444 · ‎February 21, 2025

Say I have $20k captial losses carryover in 2023. If I have a 20k capital gain, can it all carryover at once, negating taxes, Or, can I only carryover 3k losses per yr max, and need to pay rax in 17k gains?

AnnetteB6 · ‎February 21, 2025

Yes, the carryover losses first go against any gains for the year that you may have.

Then, if there are any losses leftover, they carryover to the following year where you can use up to $3000 per year unless you have gains then too. The $3000 per year cap is only if you have an overall loss for a particular year. Then, you can only claim up to $3000 in loss at a time.

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Hal_Al · ‎February 21, 2025

Q. Say I have $20k capital losses carryover in 2023. If I have a 20k capital gain, can it all carryover at once, negating taxes?

A. Yes. Not only can you do it thatway, you must do it that way.

Q. Or, can I only carryover 3k losses per yr max, and need to pay tax in 17k gains?

A. No, that is not allowed.

All that happens automatically, in TurboTax (TT). If you used TT last year. all that happens automatically. If you did not use TT last year, it still happens automatically if you enter the full $20K loss correctly.