Long Term Capital Loss Carryover.

[Gatticakid]

Question for a friend: His mom's estate sold in 2019 and he had a long term capital loss of $50,318 on his 2019 return. This carried as $47,318 to 2020. Would his LT carryover loss be $44,318 in 2021?

[JulieS]

Yes, that is correct, if he had no capital gains in 2020. 

If he had capital gains, the loss would offset them and $3000 could still be deducted, so the carryover would be less. 

[Mike9241]

the answer is yes if he used the $3,000 to reduce his taxable. income in 2020. if ignoring the capital loss he still had  no taxable income his capital loss c/o to 2021 would  be $47318