Capital gains

[Wheatgrass]

Say someone has 100k long term capital gains carry over and 100k short term capital gains carry over, how much of this can be used to offset their 2023 Capitol gains? 

[VolvoGirl]

Do you mean a capital LOSS carryover?  You don't carry over gains.  You can use ALL of it.

You get to first offset the loss against any gains you have each year so that can use more of it up.  Then after applying the loss to the current gains you can take a max loss of 3,000 (1,500 MFS)per year.  Turbo Tax does all the calculations for you.  Just enter the prior year carryover amount.

[DavidD66]

The entire amount of long term and short term capital loss carry forwards are available to offset your 2023 capital gains.  If you have less than $200,000 of capital gains in 2023, then the unused portion of the 2022 carry forward will first be used to offset up to $3,000 of ordinary income, and the rest will carry forward to 2024.