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D
dtran796
March 27, 2023
Question

If I have no income and only capital losses from stocks do I have to file taxes or would I permanently forfeit all of my capital loss carryover by not filing this year?

  • March 27, 2023
  • 1 reply
  • 0 views
Somewhere online says you have to report every year or forfeit being able carryover all your losses permanently. What if I'm still unemployed with no income a few years later and then finally receive income, would it be ok to hold off filing taxes until that time arrives?

1 reply

D
DianeW777
March 27, 2023

Yes, you must file a tax return if the gross proceeds, Form 1099-B, is greater than your filing requirement.  The IRS has very little information about your cost basis as a rule, which means you must file to show the actual gain or loss. Also, you want to have the capital loss on record and the carryover shown on the tax return for future years.

 

Filing Requirements: 

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