Will I be able to take a long term capital deduction if my loss was in 2012 and the amount was $16,000 at the time it occurred?

[shthom]

I was able to take the deduction from 2012 thru 2015.  So I carried it over for 4 years.  Can I carry this over 1 mire year?

[rjs · Accepted solution]

A capital loss has to be reported on your tax return for the year in which the loss occurred. You cannot claim a loss that occurred in 2012 on your 2016 tax return. If you had a loss in 2012 and you have already filed your 2012 tax return without including the loss, you can file an amended return (Form 1040X) for 2012. It's too late to get a refund for 2012, but you will probably be able to carry over part of the loss to subsequent years. You would have to file amended returns for the subsequent years as well. You can still get refunds for 2013 and later years. The deadline for getting a refund for 2013 is April 15, 2017. TurboTax for 2012 is no longer available, so you cannot use TurboTax to prepare the amended return for 2012.

Preparing amended returns for multiple years, and properly carrying over a capital loss from year to year, could get a bit complicated. You might want to go to a tax professional. The potential value of a $16,000 capital loss might be much greater than the fees you would have to pay to a tax pro.