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March 5, 2025
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I have a $18,000 gain in 2024, and didn t use my 15,532.00 loss from 2022. How do I use my loss from my 2022 tax form, to offset my $18,000 gain?

  • March 5, 2025
  • 1 reply
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is there a form I can fill out to show this investment loss, to offset the investment gain I have on my 2024 tax form
    Best answer by VolvoGirl

    You have to report the carryover every year until it's used up.  You can't skip a year.  Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year.  You can't choose when to use it. You may want to amend your 2023 return.

     

    Enter a Capital Loss Carryover under

    Federal Taxes or Personal (Home & Business)

    Wages and Income

    Then scroll down to Investment Income

    Capital Loss Carryovers - Click the Start or Update button

     

    And if you have a negative AGI or negative taxable income it will show up on 1040  BUT it won't reduce the carryover to the next year.

    You enter the full amount that carried over, not just the 3,000

     

     

    1 reply

    VolvoGirl
    VolvoGirlAnswer
    Employee
    March 5, 2025

    You have to report the carryover every year until it's used up.  You can't skip a year.  Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year.  You can't choose when to use it. You may want to amend your 2023 return.

     

    Enter a Capital Loss Carryover under

    Federal Taxes or Personal (Home & Business)

    Wages and Income

    Then scroll down to Investment Income

    Capital Loss Carryovers - Click the Start or Update button

     

    And if you have a negative AGI or negative taxable income it will show up on 1040  BUT it won't reduce the carryover to the next year.

    You enter the full amount that carried over, not just the 3,000