Let's assume I've lived in Oregon all my life. I understand that there's a $3,000 limit as to how much capital loss I can carry over to offset my non-capital-gains income in future years. What about capital gains income? Is there a limit on how much capital loss carryover can be used to offset each future year's capital gains?
No limit. You get to first offset the loss against any gains you have each year so that can use more of it up. Then after applying the loss to the current gains you can take a max loss of 3,000 (1,500 MFS)per year. Turbo Tax does all the calculations for you. Just enter the prior year carryover amount.
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