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New Member
posted Oct 8, 2020 12:55:55 PM

In 2020 I have a $12,000 long term capital loss with no capital gains to offset it. Am I required to use $3,000 against ordinary income in 2020?

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3 Replies
Level 15
Oct 8, 2020 12:59:18 PM

Yes it is required ... there is no option to not take the allowed deduction. 

Level 15
Oct 8, 2020 1:02:51 PM

If you do not take it then you forfeit any remaining carry forward for future years.    You cannot skip a year.

Level 15
Oct 8, 2020 2:01:40 PM

you have a big loss but $3,000 is the max you are allowed per year. the rest will carryover to coming years.