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Capital losses cannot be carried back. These losses will be claimed against capital gains for the current year and any excess loss will offset upto $3000 of your other income. Balance loss will be carried forward for offset in future.
Corporations follow a different rule. Corporations with capital losses must first be carried back to each of the three preceding years, if possible. Any capital losses that cannot be applied against capital gains from the three previous years can then be applied against capital gains in the 5 succeeding tax years.
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Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.