I have prior year losses on my stocks of about $45,000. This year, I made $40000

You can deduct $3000 of the carryover loss against ordinary income this year, and the balance against the $40,000 gain this year. The remaining $2000 loss from 2018 can be carried over to the 2020 tax year.  

Carryover losses on your investments are first used to offset the current year capital gains if any. You can deduct up to $3,000 in capital losses ($1,500 if you're married filing separately). Losses beyond that amount can be deducted on future returns as a capital loss carryover until the loss is all used up.

For example, if your net capital loss in 2017 was $7,000 and you're filing as single, if you have no capital gains for 2018 and 2019, you can deduct $3,000 of the loss on your 2017 return, $3,000 on your 2018 return, and the remaining $1,000 on your 2019 return.

Unfortunately, you can't pick and choose which future tax year(s) you wish to apply your carryover to. Carryovers from this year's return must be applied to next year's return.

If you transferred last year's return over, we automatically include the carryovers. However, it's always a good idea to keep a written record of your expected carryover amounts to compare against your return.

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@zadahas wrote:

I have prior year losses on my stocks of about $45,000. This year, I made $40000.  Can I take my $45,000 loss in my prior years toward my profit this year.  Please call me at [phone number removed]

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Yes. Capital losses can be used to offset capital gains. Your carryforward capital losses of $45,000 will entirely offset your current year capital gains. You will be left with a $5,000 net capital loss, $3,000 of which can be used to offset other income and $2,000 of which can be carried forward to the following tax year.

See https://www.irs.gov/taxtopics/tc409

No one can call you, but you can continue to post on this board or contact Customer Support.

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