Question

Question on Carry forward of capital loss from 2019

Forum|Forum|5 years ago
March 19, 2021
1 reply
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I had a capital loss of $7268 carried over from 2019. In 2020 I had capital gains of $394. I only wanted to apply $394 of the 2019 carryforward in year 2020 and carry the balance to 2021. Form 1040 (Line 7) however shows a loss of $3,000 which is the maximum deductible loss. At my 2020 income I don't benefit from this deduction. Is there a way to reflect a lower amount? and increase the amount carried forward to 2021?

JohnB5677

Unfortunately not. The $3,000 carry over loss will be applied annually until it is fully used. This is regardless of whether you had a taxable income or not.

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