capital loss

[icajcc]

I will owe 0 taxes (actually negative taxes) for 2022 even without taking a capital  loss of $3000. I also have a very large capital loss carryover. MUST I take the $3000 loss and reduce my carryover for future years even though I lose thereby?



































$3000 capital but have a large capital   loss carryover. MUST I enter a $3000 loss  and reduce my carryover for future years or can I simply  report the carryover on form D without 

[VolvoGirl]

You need to enter it.  But If you have a negative AGI or negative taxable income it will show up on 1040  BUT it won't reduce the carryover to the next year.

[icajcc]

Thanks. By "it" you mean the whole carryover or the $3000? And I need to enter it where? On form D and also on 1040 line 7 or just on form D?

[VolvoGirl]

Enter the whole carryover amount from 2021.  If you transferred your prior return it should be already filled in.

Enter a Capital Loss Carryover under

Federal Taxes or Personal (Home & Business)

Wages and Income

Then scroll down to Investment Income

Capital Loss Carryovers - Click the Start or Update button

You enter the full amount that carried over, not just the 3,000