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Category: Tax
Satisfied Customers: 9700
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I have a partnership which has 2015 capital loss of $200,000

Customer Question

I have a partnership which has 2015 capital loss of $200,000 approx. This will be on my Form K-1. Can the loss be carried back to 3rd preceding year, 2nd and 1st, etc. like a NOL to offset capital gains?
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Customer: No.
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Submitted: 5 months ago.
Category: Tax
Expert:  Lane replied 5 months ago.
Hi,...No, so sorry, Capital losses can only be carried forward...You can use up to 3000 against any other income (after first using against any capital gains for the year)....And unlike NOL can carry forward into perpetuity until you have cap gains or enough years of 3000 ordinary (or some of both) to use up the loss....But, again sorry, there's not carryBACK for capital gains
Expert:  Lane replied 5 months ago.
Here's a good overview from intuit: here's the IRS guidance:
Expert:  Lane replied 5 months ago.
Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")...JustAnswer will not credit me for the time and work until you have rated in this way....Thank you!Lane……I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986.
Expert:  Lane replied 5 months ago.
Did you see my answer?