Capital Loss carryover. Don’t forget to deduct your previous years Capital Loss from your taxes. via /r/wallstreetbets #stocks #wallstreetbets #investing


Capital Loss carryover. Don’t forget to deduct your previous years Capital Loss from your taxes.

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.

https://www.hrblock.com/tax-center/income/investments/capital-loss-carryover/

Did anyone use prior years losses to reduce current years taxable Gain?

Submitted February 13, 2022 at 03:08PM by ShimonAzar
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