Skip to main content
Level 3
April 15, 2023
Solved

Carryover crypto loss

  • April 15, 2023
  • 3 replies
  • 32 views

Can I delete a crypto carryover loss from 2021? My 19 year old son dabbled in crypto much to my dismay and had a small loss ($113). Because of this carryover loss I cannot use TurboTax free edition to file his return. He will pay more to file then his refund. 

    Best answer by fanfare

    If you imported his prior tax return, you are already upgraded.

     

    visit the IRS at https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

    to find truly free filing. Note that some include free state as well; that's important.

     

    @SandyOH 

     

     

    3 replies

    fanfare
    fanfareAnswer
    Level 15
    April 15, 2023

    If you imported his prior tax return, you are already upgraded.

     

    visit the IRS at https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

    to find truly free filing. Note that some include free state as well; that's important.

     

    @SandyOH 

     

     

    fanfare
    Level 15
    April 15, 2023

    your son should have a voice in whether his future Capital loss deduction is discarded by not reporting.

     

    @SandyOH 

    SandyOHAuthor
    Level 3
    April 15, 2023

    I don't remember stating that he wasn't aware of this issue but thanks for the parenting advice!