How far back to amend for capital loss carryovers

Forum|Forum|2 years ago
June 14, 2023
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Have an erroneous capital loss from 2012, and it has carried forward to this year (it kept slipping through the cracks). I know for this year there shouldn't be any carryforward, and there also shouldn't be any for any prior year, so can I just not claim the amount from prior tax returns on the 2022? Also, if I need to amend, how far back do I go? Three years, back to 2012, or just fix it for 2022? If there is any actual IRS guidance out there that would be much appreciated!

Mike9241

your info is not clear. if you are sure there is no CLCO for 2021 and 2022 there is nothing to amend for those years because you are stating there is no amount left to claim. for years prior to 2020, it's too late to amend to use any available carryover. generally, amended returns must be filed within 3 years of their due date. that leaves 2020, but to use any CLCO you would need to know how much it is.

as to CLCO in general, in any year, you use the lesser of $3000 or adjusted gross income figured without the any net capital loss.