Capital Loss Carryover
If you sold stock or mutual funds at a loss, you can use the loss to offset capital gains you had from similar sales. If the net amount of all your gains and losses is a loss, you can report the loss on your return.
You can report current year net losses up to $3,000 — or $1,500 if married filing separately. Carry over net losses of more than $3,000 to next year’s return. You can carry over capital losses indefinitely.
Figure your allowable capital loss on Schedule D and enter it on Form 1040, Line 13.
If you have an unused prior-year loss, you can subtract it from this year’s net capital gains. You can report and deduct from your income a loss up to $3,000 — or $1,500 if married filing separately.
Learn more about Form 3921 and incentive stock option rules with the tax experts at H&R Block.
Learn more about reporting loss on a rental property with help from the tax experts at H&R Block.
Learn more about IRA withdraw penalties with advice from the tax experts at H&R Block.
Learn more about section 1202 gains from small business stocks and get tax answers at H&R Block.