Capital Loss Carryover

Forum|Forum|3 years ago
March 13, 2023
1 reply
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I had filed incorrect capital loss in 2018. It showed $-100K when it should have been only $-30K. Can I just fix the carryover amount in this years return rather than amending prior years? I do not owe any taxes to IRS.

PattiF

Yes, you can change the capital loss for this year if you have not used it in the prior years of filing your taxes. If the amount that is carried over for 2022, is still $100,000, then adjust the amount to $30,000. If you have used it in prior years, amend those years.

If the IRS were to contact you about this, it would be easy to explain the change.

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dhrumitssAuthor

I have used it in prior year but it's still negative -$5K. Can I just not change it to correct amount on this year return and no amend prior years?

PattiF

You can change it for this year. If the IRS contacts you, just explain what happened. Then you will not need to amend the amount. Keep your records showing the details if ever needed.

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