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December 6, 2023
Question

How to carryback capital losses to prior years

  • December 6, 2023
  • 1 reply
  • 0 views

I have capital gains in 2020, 2021, and massive realized losses in 2022, and 2023 once that ends.

 

I want to use my 2022 losses to offset the gains in 2020 before the 3 year window expires. I would then like to use my remaining 2022 losses as well as 2023 losses to offset 2021 gains.

 

How would I do that? Is there a separate form I must fill out

    1 reply

    DoninGA
    Employee
    December 6, 2023

    Capital losses cannot be carried back to prior tax years, they can only be carried forward to each tax year until the losses have all been used.

    S_DaveAuthor
    December 6, 2023

    Is this correct?

     

    I read this.

     

    "

    "

    The site is here. https://answerconnect.cch.com/document/arp28d1b3da7a7b[phone number removed]1b78be8c7808bCOPY/federal/irc/explanation/1212-carrybacks-carryovers#:~:text=An%20individual%20may%20also%20carry,cannot%20carry%20back%20capital%20losses.

    VolvoGirl
    Employee
    December 6, 2023