Already filed for 2019, but did not claim a capital loss for past 3 years. What can I do?

[rpatel133]

For the past 3 years I been having a loss on my stocks. I did not claim because I did not know I could get a credit to use for next year. I already filled my 2019 taxes and received my tax refund already. 

1) Is there anyway I can go back to claim my loss for 2019 or before so I can use that as credit for 2020?

2) What form is used for stocks? 

2) Any tips? 

Thanks, 

RP

[GiseleD]

If you had a loss on your stocks from their value declining (but you didn't trade or sell them). If that's the case, then there's nothing to "claim". You will not report stock transactions on your return until they change "character". This means that you either have to trade the stock for another stock or sell it back to cash. If you did neither of these, then there is no loss to harvest. 

If you had any stock transactions, you should have received a 1099-B from your broker. Did you receive this form at all for any of the years in question?

[rpatel133]

Yes I did sell them at a loss. I received my 1099-B for 2017 and 2018, however, since it was a loss I did not report. What can I do at this point? In 2019, I made some gains; is there anyway I can use credit from 2017 and 2018 to offset 2019?

[MayaD]

You need to amend your 2017 and 2018 returns to report the 1099-B forms to claim the capital loss and to calculate the capital loss that you can carry over to 2019.

How to amend (change or correct) a return you alre ...

[rpatel133]

Yes I did sell them at a loss. I received my 1099-B for 2017 and 2018, however, since it was a loss I did not report. What can I do at this point? In 2019, I made some gains; is there anyway I can use credit from 2017 and 2018 to offset 2019?

[Hal_Al]

Q. Is there anyway I can use credit from 2017 and 2018 to offset 2019?

A. Yes. But not an easy way.

As already suggested, you SHOULD amend your 2017 and 2018 tax returns to claim any additional refund and, recalculate the capital loss carry forward. You must report the capital loss carry forward on each year’s return. You are not allowed to postpone using it or saving it for a more advantageous time, like 2019.

You could file an amended 2019 return, before doing that; but at a minimum, you must recalculate the loss carry forward from 2017 to 2018, then from 2018 to 2019.  

2017 to 2018 could  be particularly complex. See https://ttlc.intuit.com/community/taxes/discussion/do-i-have-to-use-a-capital-loss-carryforward-even...

The personal exemptions were eliminated, starting in 2018.