All Things Tax

All Things Tax

Like the title says, from the filing process and tax questions to tax policy and reform, you can search and share All Things Tax here. This is the place to find answers to all your general questions that don't fall under the other categories. And just a reminder: questions about software or online filing should be posted in DIY Products.

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Member
Posts: 2
Registered: ‎04-15-2018
Accepted Solution

Where do I enter capital loss carryover?

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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Council Member
Posts: 508
Registered: ‎04-06-2016

Re: Where do I enter capital loss carryover?

[ Edited ]

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.  

 

Karen

Member
Posts: 2
Registered: ‎04-15-2018

Re: Where do I enter capital loss carryover?

Thank you Karen. It worked.  I just wish it was one of the standard questions.  Almost missed doing it till I remembered.

Council Member
Posts: 508
Registered: ‎04-06-2016

Re: Where do I enter capital loss carryover?

You're welcome!

Karen