When I filed taxes in 2023, I had Capital Loss Carryover of $19K ($6K for Short-Term and $16K for Long-Term) For Tax Year 2024, I have a Long-Term Capital Gain of $15K and Short-Term Capital Gain of $10, how much can I claim? Does Turbo Tax subtract $15,010 from the $19K and my new Capital Loss Carryover would be $3,990? (19,000 – 15,010 = $3,990)If #1 is correct, can I still claim $3K Capital Loss? $3,990 - $3,000 = $990 of Capital Loss Carryover.

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prettyspring

Question

How does Capital Loss Carryover is calculated

Forum|Forum|1 year ago
October 5, 2024
2 replies
0 views

When I filed taxes in 2023, I had Capital Loss Carryover of $19K ($6K for Short-Term and $16K for Long-Term)

For Tax Year 2024, I have a Long-Term Capital Gain of $15K and Short-Term Capital Gain of $10, how much can I claim?

Does Turbo Tax subtract $15,010 from the $19K and my new Capital Loss Carryover would be $3,990? (19,000 – 15,010 = $3,990)
If #1 is correct, can I still claim $3K Capital Loss? $3,990 - $3,000 = $990 of Capital Loss Carryover.

Capital Gains

VolvoGirl

Employee

The whole 19,000 carryover will be used against your total gain of 25,000 (15+10) leaving you with a gain of 6,000 for 2024. Although your figures might not be right ..... $19K ($6K for Short-Term and $16K for Long-Term) 6+16=22 not 19.

Mike9241

that's correct as long as adjusted gross income is not negative.

prettyspringAuthor

Let me rephrase my questions:

When I filed taxes in 2023, my Capital Gain was $22K ($6K for short term and $16K for long term). Since I could only claim $3K Capital Loss Limit per year, my Capital Gain Carryover to 2024 was $19K ($22K - $3K = $19K).

For Tax Year 2024, my Adjusted Gross Income is not negative. I have a long term capital gain of $15K and short term capital gain of $10, total is $15,010

1) Can I deduct the whole amount of capital gain $15,010? ($19,000 - $15,010 = $3,990) AND THEN ANOTHER $3K of the Capital Loss Limit per year? $3,990 - $3,000 = $990. $990 will be the Capital Loss Carryover to 2025?

2) Since the Capital Loss Limit per year is $3K, I can only deduct $3K from $15,010 capital gain (tax year 2024)? ($15,010 - $3,000 = $12,010) and I have to report $12,010 Capital Gain? And my Capital Gain Carryover to 2025 is $16K ($19K - $3K = $16K)

Thank you so much!

VolvoGirl

Employee

First of all in the first sentence for 2023 I think you meant your Capital LOSS was $22K not a Capital Gain. Right? It's a Capital Loss Carryover.

It's #1. You can deduct the whole carryover amount against all your gains each year. So you can use up more of it. And then if you still have a net loss you can deduct another 3,000. Then carryover $990 to 2025.