Take a look at the Cap Ls Carryover Worksheet to see how your capital gain carryover amounts were handled. Losses on your investments are first used to offset capital gains of the same type. So, short-term losses are first deducted against short-term gains, and long-term losses are deducted against long-term gains. Net losses of either type can then be deducted against the other kind of gain.
The number displayed for Capital loss used in 2024 can include:
- 2024 capital losses that offset 2024 capital gains
- 2024 capital losses used to reduce other 2024 income up to $3,000 ($1,500 if you're filing as Married Filing Separately).
Included in the amount are capital gains and losses you've entered in other areas of your return such as undistributed capital gains (Form 2439), capital gain distributions reported on Form 1099-DIV, and sales of business assets (Form 4797).
Note that this number is a snapshot based on information on your return at this time. The amount can change for a number of reasons, including:
- Changing your return by adding additional income or expenses
- Removing or entering additional investment sales
- Adding other types of capital gains or losses such as undistributed capital gains (Form 2439) or capital gains and losses from contracts and straddles (Form 6781)
After you completely finish your return, you can return to the summary to see the final results. Search for capital loss carryover and use the Jump to link to return to the summary.
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