Capital loss carryover not offsetting my capital gain. Not show in the Schedule D

Forum|Forum|1 year ago
March 20, 2025
2 replies
0 views

Why my 2023 loss carryover not show in the 2024 schedule D and not offsetting 2024 gains. I have input manually the carryover losses info from 2023 tax return as per TT instruction. Pls advise how to manual change the loss carryforward for year 2024 and the balance amount to 2025.

Info input from 2023 tax return from different tax software. I don't have any income for I have a big loss when I sold my business.

Edit

Net short-term capital gain/loss

-$2,534.00

Net long-term capital gain/loss

$787.00

Allowable loss

-$1,747.00

Income before exemptions

$0.00

Net AMT short-term capital gain/loss

-$2,534.00

Net AMT long-term capital gain/loss

$787.00

AMT allowable loss

-$1,747.00

AMT taxable income

$0.00

Best answer by JohnB5677

You used all of your loss in 2023.

$2,534 Loss - $787 gain = $1,747 net loss reported on your 2023 return.

JohnB5677Answer

You used all of your loss in 2023.

$2,534 Loss - $787 gain = $1,747 net loss reported on your 2023 return.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

Jojo25012222Author

Thanks for your response. However $2,534 loss was carried over from 2022. Yr 2023 has a gain of $787. Hence the balance of $1,747 (2,543 - 787) net loss should be carryover to 2024 per freetaxusa. Sorry, I cannot attached the worksheet here. I have a capital gain in 2024. But the amount is not offset on TT. Why?

AnnetteB6

Look at your 2023 Form 1040. According to the information shared, line 7 should be -1747.

If it is, that means that all of the loss was used on your 2023 return, as stated by JohnB5677. There is no loss leftover to be carried into the 2024 return.

If the leftover amount had been greater than $3000, then up to $3000 would have been reported on your 2023 Form 1040 line 7 and anything above $3000 would have been carried forward to 2024.

@Jojo25012222

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"