20k net short-term loss, 23k net long-term gain, and 10k loss carryover from 2023. I should be left with a 4K carryover into 2025, but TurboTax says 0 - is this right?

Forum|Forum|1 year ago
March 15, 2025
1 reply
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Using TurboTax Premier on Mac

JotikaT2

It depends.

If your carryover loss from 2023 was $10,000, then you would only be able to offset any capital gains that occurred in 2024 by that amount. If you did not have any capital gains in 2024, then your carryover loss is limited to $3,000 in 2024. The remaining balance to carryover to 2025 in that case would be $7,000.

Please see the following links for more guidance to ensure you are entitled to a capital loss carryover as well as steps to make sure any capital loss carryovers from 2023 are entered on your 2024 tax return.

How can I tell if I'm entitled to a capital loss carryover from last year's return?

How do I enter my capital loss carryover?

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