Question

Can capital loss carryover be reduced by more the 3k? example if i have 20k carryover, only 3k is used this year, but it's showing carryover is now 0

Forum|Forum|4 years ago
April 11, 2022
2 replies
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I have a rather large capital loss carryover, about 1/3 s/t, 2/3 l/t.
apx 1k s/t, 2k l/t loss applied toward current years capital gains to the max of 3k, but summary screen shows no remaining loss to carry forward to next year and this all if used up

TurboTax Self Employed Online

ColeenD3

The carryover is limited to $3,000 not what is applied to current capital gains. If you carried forward $20,000 of losses from 2020 and applied it to $20,000 of gains in 2021, you would have nothing left to carry forward.

Carl11_2

Employee

Assuming this carry over is for rental property, depending on things such as your AGI, a maximum of up to $25K of carry over losses can be deducted from "other" ordinary income. Most likely, that's your situation here. Now I don't know what form or worksheet you need to check to confirm that. Hopefully someone else reading this thread does and can point it out to both of us.

A

Anonymous_

Employee

@Carl11_2 wrote:

Assuming this carry over is for rental property, depending on things such as your AGI, a maximum of up to $25K of carry over losses can be deducted from "other" ordinary income. Most likely, that's your situation here.

Most likely that is not the situation here as @shudecek stated this was a capital loss carryover.

A loss carryover from rental real estate would be a passive loss carryover.