How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask CGassist.168 Your Own Question
CGassist.168, Accountant
Category: Capital Gains and Losses
Satisfied Customers: 3446
Experience:  Tax Accountant
Type Your Capital Gains and Losses Question Here...
CGassist.168 is online now
A new question is answered every 9 seconds

If I have capital losses carried over from a previous year,

Customer Question

If I have capital losses carried over from a previous year, and the total is more than $3000, can I apply the entire amount to offset gains realized in the current year?
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  CGassist.168 replied 1 year ago.

Yes, the previous year's losses can offset current year gains. If there is a loss amount remaining, it will get carried over to future years until the amount has been exhausted.

Let me know if I can be of further assistance to you regarding this matter.

Related Capital Gains and Losses Questions