Required to use Capital Loss CarryOver?

[kmurray9]

My current financial situation would make my tax liability this year $0. I have a capital loss from 2023 of approximately $7000 and a capital gain in 2024 for approximately the same amount. Are you required to use the 2023 capital loss in 2024 or can you carry it forward to 2025?

[DianeW777]

Yes, you definitely want to use it or you would lose it.  You must report it each year until it is used up. You are not allowed to skip a year and then continue to use it.  Be sure to check out your Schedule D and worksheets before your file.

[kmurray9]

Thank you, I was hoping we could skip using the loss this year since the capital gain doesn't affect our taxes, with or without using the capital loss. 

[DawnC]

Unfortunately, you can't choose which tax years to apply your carryover to.  Carryovers from this year's return must be applied to next year's.   Capital Loss Carryover