I sold land that I owned in 2024 for a loss

[sandil65]

I sold land that I owned in 2024 for a loss, is there a way for me to take the entire loss on my 2024 taxes instead of being limited to the $3000 capital loss carryover?

[rjs · Accepted solution]

There's nothing you can do about it now. If you had sold other investments for a gain in 2024, part of the loss would have been used to offset the gains, up to the total amount of gain.

If you have a large capital loss carryover you will be able to use it on your 2025 tax return to offset gains from investments that you sell in 2025. But a capital loss can only be used to offset capital gains, not other income, except for the $3,000 per year that can be used against other income.