On my schedule D for 2022 taxes, i had the following figuresLine 16: -11,901Line 21: (3000)Here are my questionsMy assumption is that the carryover losses into 2023 are $8,901 (11,901- 3000). Is that Correct?My second question is that this year, i have $8,731 in capital gains so far. Can i use the carryover from last year of $8,901 to reduce my capital gain of $8,731 in full this year, or am i limited to only using $3,000 from the $8,901 i had carried over?In this case, i have an excess capital loss of $170 ($8,901-$8,731), assuming that i'm able to use the entire carryover loss from last year, can i take the $170 loss against the $3000K capital loss allocation for 2023?Thanks

My assumption is that the carryover losses into 2023 are $8,901 (11,901- 3000). Is that Correct? YESMy second question is that this year, i have $8,731 in capital gains so far. Can i use the carryover from last year of $8,901 to reduce my capital gain of $8,731 in full this year YES , or am i limited to only using $3,000 from the $8,901 i had carried over? NOIn this case, i have an excess capital loss of $170 ($8,901-$8,731), assuming that i'm able to use the entire carryover loss from last year, can i take the $170 loss against the $3000K capital loss allocation for 2023? YES ... IN THIS CASE THE CAP LOSS IS FIRST NETTED AGAINST THE CAP GAIN THEN UP TO $3000 OF CAP LOSS CAN BE DEDUCTED AGAINST OTHER INCOME ... IN YOUR CASE $170 ... WATCH THE SCH D CALCULATIONS.

TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

mkhan0503

Solved

capital Carryover loss

Forum|Forum|2 years ago
December 26, 2023
1 reply
0 views

On my schedule D for 2022 taxes, i had the following figures

Line 16: -11,901
Line 21: (3000)

Here are my questions

My assumption is that the carryover losses into 2023 are $8,901 (11,901- 3000). Is that Correct?
My second question is that this year, i have $8,731 in capital gains so far. Can i use the carryover from last year of $8,901 to reduce my capital gain of $8,731 in full this year, or am i limited to only using $3,000 from the $8,901 i had carried over?
In this case, i have an excess capital loss of $170 ($8,901-$8,731), assuming that i'm able to use the entire carryover loss from last year, can i take the $170 loss against the $3000K capital loss allocation for 2023?

Thanks

Best answer by Critter-3

My assumption is that the carryover losses into 2023 are $8,901 (11,901- 3000). Is that Correct? YES
My second question is that this year, i have $8,731 in capital gains so far. Can i use the carryover from last year of $8,901 to reduce my capital gain of $8,731 in full this year YES , or am i limited to only using $3,000 from the $8,901 i had carried over? NO
In this case, i have an excess capital loss of $170 ($8,901-$8,731), assuming that i'm able to use the entire carryover loss from last year, can i take the $170 loss against the $3000K capital loss allocation for 2023? YES ... IN THIS CASE THE CAP LOSS IS FIRST NETTED AGAINST THE CAP GAIN THEN UP TO $3000 OF CAP LOSS CAN BE DEDUCTED AGAINST OTHER INCOME ... IN YOUR CASE $170 ... WATCH THE SCH D CALCULATIONS.

Critter-3Answer

My assumption is that the carryover losses into 2023 are $8,901 (11,901- 3000). Is that Correct? YES
My second question is that this year, i have $8,731 in capital gains so far. Can i use the carryover from last year of $8,901 to reduce my capital gain of $8,731 in full this year YES , or am i limited to only using $3,000 from the $8,901 i had carried over? NO
In this case, i have an excess capital loss of $170 ($8,901-$8,731), assuming that i'm able to use the entire carryover loss from last year, can i take the $170 loss against the $3000K capital loss allocation for 2023? YES ... IN THIS CASE THE CAP LOSS IS FIRST NETTED AGAINST THE CAP GAIN THEN UP TO $3000 OF CAP LOSS CAN BE DEDUCTED AGAINST OTHER INCOME ... IN YOUR CASE $170 ... WATCH THE SCH D CALCULATIONS.