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 3000 — or $1,500 if married filing separately. Carry over net losses of more than 3000 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 3000 — or $1,500 if married filing separately.
Learn more about IRS Form 2439 and get tax answers at H&R Block.
Need to know how to report the sales of stock on your taxes? Learn more from the tax experts at H&R Block.
Learn more about the sales expenses associated with the sale of stock and how to report it on the tax form 1099-b from the tax experts at H&R Block.
Learn more about Form 8690 and the IRS net investment income tax from the tax experts at H&R Block.