Carryover offset limit to current capital gain

I have been using TT for more than 10 years and I let TT did everything for me.

Filing jointly status.

My assumption maybe wrong all along.

Just to clarify the following which I did not know.

If I have a $30,000 loss carryover from, say, 2022.

In 2023 tax year, say, I have a capital gain of $15,000, I can offset the gain with my $15,000 loss from 2022? And I can also use another $3,000 to deduct/offset my other income?

That leaves $12,000 left carryover to 2024?

9606

1 Best answer

Level 15

Sep 5, 2024 5:20:11 AM

@SLYKTAX wrote:
In 2023 tax year, say, I have a capital gain of $15,000, I can offset the gain with my $15,000 loss from 2022? And I can also use another $3,000 to deduct/offset my other income?

Yes, all correct assuming you have an additional carryover beyond the $3,000.

Level 15

Sep 5, 2024 5:20:11 AM

@SLYKTAX wrote:
In 2023 tax year, say, I have a capital gain of $15,000, I can offset the gain with my $15,000 loss from 2022? And I can also use another $3,000 to deduct/offset my other income?

Yes, all correct assuming you have an additional carryover beyond the $3,000.

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Carryover offset limit to current capital gain