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Bruce N
February 21, 2025
Question

Captial loss carrover

  • February 21, 2025
  • 1 reply
  • 0 views

Clent discovers an unreported capital loss in 2021.  Must returns for 2021 through 2023 be amended, or can the loss be taken on the 2024 return?

    1 reply

    SusanY1
    SusanY1
    February 28, 2025

    Yes, the 2021 through 2023 returns need to be amended to carry the loss through.  Except in some limited circumstances, $3,000 of the loss will be used in each year to reduce ordinary income whether or not it makes any difference in the overall tax.  

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