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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? 

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Carryover offset limit to current capital gain


@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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1 Reply

Carryover offset limit to current capital gain


@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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