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Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 3444
Experience:  3+ decades of varied tax industry exp. Tax Biz owner
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I had paid over $40 thousand in taxes on the last year

Customer Question

I had paid over $40 thousand in taxes on the last year capital gains of 257 thousands, his year I had lost $132 thousand. How do I get the part of the lost year tax paymnet
Submitted: 9 months ago.
Category: Tax
Expert:  Tax.appeal.168 replied 9 months ago.

Q: How do I get the part of the lost year tax paymnet

A: You can't recoup any of the tax payment, however, you can claim the capital gain loss. However, you can only deduct a maximum of $3,000 a year. The remaining balance of the loss is carried forward to future years until the loss amount is depleted. SEE BELOW:

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If your capital losses exceed your capital gains, the excess can be deducted on your tax return and used to reduce other income, such as wages, up to an annual limit of $3,000, or $1,500 if you are married filing separately.

REFERENCE SOURCE:

https://www.irs.gov/uac/Ten-Important-Facts-About-Capital-Gains-and-Losses

Let me know if I can be of further assistance to you regarding this matter. If not, and all information is clear, please be so kind as to positively rate my response so that I may receive credit for assisting you.

Customer: replied 9 months ago.
This not what I am asking. Is there a way to claim this year capital loss against last year capital gain
Expert:  Tax.appeal.168 replied 9 months ago.

No, there is not. The capital gain loss carries forward only, you cannot carry capital gains losses backwards like you can with net operating losses.

Customer: replied 9 months ago.
thank you
Expert:  Tax.appeal.168 replied 9 months ago.

You are very welcome.