Skipping a year of capital loss carryover

Forum|Forum|2 years ago
March 19, 2024
1 reply
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I have a capital loss carried over from last year (2022) For tax planning purposes, I do not wish to carryover that loss to offset capital gains in the current year (2023), but instead carry it forward to use in future tax years where my tax exposure will be higher.

How do I accomplish this? The only way I could trigger Turbotax to perform this task was by zeroing out the data in the 2022 Capital Loss Information Smart worksheet and manually populating the existing data in lines 12 and 13 of the "2022" column into the "2023" column of the 2023 Federal Carryover Worksheet.

Best answer by Bsch4477

You are not allowed to skip taking the capital loss carryover.

Bsch4477Answer

Employee

You are not allowed to skip taking the capital loss carryover.

mannyeAuthor

Thanks for your reply. The attached February 2024 article in INVESTOPEDIA ( see section under Pros and Cons) clearly states that one can indeed choose when to use the carryover to suit their particular tax situation.

https://www.investopedia.com/terms/c/capital-loss-carryover.asp#toc-advantages-and-disadvantages-of-capital-loss-carryover

ee-ea

Employee

@mannye

@Bsch4477

When you figure the amount of any capital loss carryover to the next year, you must take the current year's allowable deduction into account, whether or not you claimed it and whether or not you filed a return for the current year.

IRS pub 550

https://www.irs.gov/publications/p550#en_US_2023_publink100010731