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04-15-2018 04:06 PM
I have been a long time user of TaxCut and H&R Block software. Every year, I used to import last year's return which used to import last year's capital loss carryover and I did not have to manually enter it. Last year, I had to use another Tax Preparer for my 2016 Tax return. That was a requirement for taking a job assignment. However, now I do not know how to carry forward my capital loss from 2016 into 2017 tax filing. Using online version and everything is entered, but I do not see where to enter this capital loss.
Another question is if due to time constraints I do not get a chance to enter it this year, can I still carry it over in next year's return? Does a break in reporting cause issues?
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04-15-2018 06:09 PM - edited 04-15-2018 06:15 PM
The Capital Loss Carryover amounts will be shown on Schedule D, Line 6 for ST Capital Loss Carryover and Line 14 LT Cap Loss CO.
As far as entering into the software, you'll find it in the online version under Federal> Income> Investments> Capital loss carryovers . I'd look in the similar section on the desktop version.
Regarding your question about "skipping" a year. If you skip a year, any amount you should have taken the year you skip gets "used" whether you take it or not. So let's assume that at the end of 2016 you had a capital loss carryover of $5,000. If you had $3000 of gains that would have been offset by the Capital Loss Carryover in 2017 and didn't take it, that $3000 would be deducted from your allowable Capital Loss Carryover carried to 2018. Your carryover that could be used in 2018 and following years would be $2,000 = $5000-$3000 whether you actually claim the carryover on your 2017 return or not.