Capital loss carryover

4 replies
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Divorced decree final in 2024 therefore filing status changed from Married filing jointly to single. When married we had joint capital loss carryover still remaining (started in 2022, used $3k in 2023). there is about $5k remaining. We are splitting the $5k but what is limit that each of us can deduct. Does it have to be $1500 each but we are filing single so is it up to $3k each?

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Mike9241

Level 15

if the divorce was final by 12/31/2024, your limit is $3,000. There's $5K to split and if you have no other capital gains/osses your deduction will be 1/2 the $5K.

Mike9241

splitting927Author

Level 2

Can you give me guidance on how to complete the capital loss worksheet within TurboTax? I am using the account where it was filed jointly so it’s pulling over those amounts. Do I split those amounts from the 2023 return that are pulling over

VolvoGirl

Level 15

You really need to start over and set up a new account for yourself and not transfer from last year. You can not remove a spouse or switch the order of names.

Enter a Capital Loss Carryover under

Federal Taxes or Personal (Home & Business)

Wages and Income

Then scroll down to Investment Income

Capital Loss Carryovers - Click Start or Revisit