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April 9, 2025
Question

Entire $14990 of capital loss carryover used to offset gains and losses. No carryover to 2025.

  • April 9, 2025
  • 2 replies
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Turbotax is telling me that a $14990 carryover has been applied on my 2024 taxes.  I thought the limit was $3000? So, if $3000 was used on losses, $11990 offset gains???

    2 replies

    Employee
    April 9, 2025

    That would appear to be the case. 

    VolvoGirl
    Employee
    April 9, 2025

    Yes,  You get to first offset the loss against any gains you have each year so that can use more of it up. Then after applying the loss to the current gains if there is still a loss, you can take a max loss of 3,000 per year. 

     

    On the income page The 2024 column shows the carryover to 2025 (not your current loss for 2024). 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 for next year.


    But if you have a negative AGI or negative taxable income it will show up on 1040 BUT it won't reduce the carryover to the next year.

     

    There is also a 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.