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Stephen G.
Stephen G., Sr Financial Expert
Category: Finance
Satisfied Customers: 6740
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I believe I may have a capital gains loss from several years

Customer Question

I believe I may have a capital gains loss from several years back that wasn't carried forward. If I remember correctly, it was ~$20,000 loss on stock in 2005, and I believe I only claimed it through my previous tax preparer from 2006-2011. But I'm almost positive there may be more than $1000 still unclaimed. Am I still allowed to claim it so long as I don't claim more than $3000?
Submitted: 4 months ago.
Category: Finance
Expert:  Stephen G. replied 4 months ago.

Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

Expert:  Stephen G. replied 4 months ago.

No. Unfortunately you have to take the loss each year against capital gains, if any & then up to $3,000. against ordinary income.

So, even if you didn't have any capital gains during this period and used the maximum against ordinary income each year, you would have (or should have) completely used the loss by 2012.

2006 - 2011 = 6 years x $3,000. = $18,000. plus $2,000. remaining which should have been used in 2012. The tax year 2012 is closed now, even if you filed your 2012 tax return on extension in 2013. (Three years from the date in 2013 that you filed the 2012 return or 4/15/2013, whichever is later.) So possibly 4/15/2016 if you filed on time in 2013 for your 2012 return.

Sorry I don't have better news for you. (Don't shoot the messenger).

Thanks very much,

Steve G.

Expert:  Stephen G. replied 4 months ago.

I see that you have had a chance to read my response.

Do you have any follow-up questions or is there anything else I may assist you with?

If not, I would appreciate it if you would take a moment to rate my response as that is the only way I will receive my share of the payment you already made to the site. It does not cost anything more to provide a rating for me.

Thanks very much,

Steve G.

Customer: replied 4 months ago.
I'm finished
Expert:  Stephen G. replied 4 months ago.

Are you having a problem with the rating system?

If so, you can just indicate your rating here, hopefully good or excellent.

Otherwise, I will not be compensated for assisting you.

Thanks very much,

Steve G.

PS I understand that wasn't the answer you were hoping for, but all I can do is give you the accurate rules. If there were some other way to preserve your deduction, believe me I would be the first one to pass that along. However, the answer to your situation is cut & dried.

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