Capital loss carryover

Forum|Forum|1 year ago
November 15, 2024
2 replies
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In 2023 TurboTax, on which line can I find the amount of capital losses I can carry over to 2024?

TomD8

Employee

TurboTax will automatically calculate your 2023 carryover capital loss and apply it to your 2024 return (assuming you use TurboTax both years).

If you prefer to calculate the 2023 carryover loss yourself, you can use the worksheet on page 100 of this IRS publication:

2023 Publication 550

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

MikenanAuthor

I'm looking to get the carryover $$ so I know how much gain I can offset this year.

TomD8

Employee

There is no limit on how much of your carryover can be used to offset capital gains. The $3,000 limit is the amount of capital loss carryover that can be used to offset ordinary income.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

VolvoGirl

Employee

Schedule D doesn't actually show the carryover amount. To find your Capital Loss Carryover amount you need to look at your return schedule D page 2. Line 16 will be your total loss and line 21 should be a max loss of 3,000. The difference between line 16 and 21 is the carryover loss.

If you used the desktop version or have the complete pdf of your last year's return you might have the Capital Loss CO (carryover) worksheet that will tell you the amount.

In the Online version you have to save your return with all the worksheet as a pdf file to your computer to see the Capital Loss carry over worksheet. There might be 2. There is a Capital Loss Carryover Worksheet showing the carryover from the prior year and the current amounts. Then there is also the Capital Loss Carry Forward worksheet showing the amount transferring over to next year.