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April 8, 2025
Question

Schedule D losses carryover

  • April 8, 2025
  • 1 reply
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So if Capital Loss carryober from 2008 has not been use at all, what is the correct procedure to transfer this Carryover loss to 2024.

    1 reply

    April 11, 2025

    The capital loss carryover would have to be applied to each year after 2008. It would first be applied to net capital gains in each year and then $3,000 of it in excess of net capital gains would be used up. So, you would have to do a calculation to determine how much of it is left to be applied to 2024. 

     

    You would enter the carryover amount from 2023 in the Wages and Income section of TurboTax, then Investment Income, then Capital Loss Carryover. It is possible the IRS will question the loss deduction if it was not reported in previous years, so you should keep your calculation paperwork in case you need to substantiate your capital loss entry on your 2024 tax return.

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