I see there is an option to "request a loss carryback" from the current year return that I'm working on. I'm wondering if it's possible to use existing Net Capital Losses accumulated in previous years (2021 and 2022 in my case) to request a loss carryback to my regular income during those years? I somehow missed doing this when I was filing those years taxes. Or can my exiting Net Capital Losses from those years only be carried forward at this point?
Thanks!
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You can amend the 2021 and 2022 returns to use any available and allowable capital losses in those years. The use against regular income is limited to $3000 for each of those years.
That's super helpful! Thanks for the quick reply Robert!
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