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?
You'll need to sign in or create an account to connect with an expert.
@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.
@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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
myamica03
New Member
rcialone
Level 1
psyadam
Level 3
M Furius Camillus
Level 1
TN9
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.