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ilovelynnforever
Level 2
March 28, 2022
Question

lt capital loss carryover not being reduced by prior year usage

  • March 28, 2022
  • 4 replies
  • 29 views

1040 2018 LT capital loss carryover = 4,669. 2019 1040 used 3000 of it, 2020 used 3000.  Program never reduced carryover in 2019 or 2020 and i cannot remove it from tax return for 2021. Why?? 

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4 replies

rbynaker
rbynaker
Level 13
March 28, 2022

Maybe because the capital loss was not used because taxable income was already negative?

Look at the prior year capital loss carryover worksheets to see how the numbers work.  Back in the day this used to be a "Line 41" based calculation, now they change the line numbers every year and we don't have to care about personal exemptions.

    ilovelynnforeverAuthor
    Level 2
    April 3, 2022

    Yes, taxable income negative. Can you provide a reference where i can read about capital loss carry over when taxable income negative?  Is there an IRS publication? IRS code section?

    Thank you

    Accountant-Man
    Accountant-Man
    Level 13
    April 3, 2022

    It's common knowledge.

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