Capital Gains and Losses

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I understand that I can carry forward previous stock losses…

I understand that I...

I understand that I can carry forward previous stock losses to offset current capital gains in the stock market. My question is what if I don't want to use all of my losses from previous years to offset my gains this year, but just some of it? For example, if I have $25k in stock market gains, and have $25K in losses from previous years, but I want to offset only $10,000 of my gains, is it possible do that, and how would I enter that in my tax form?

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Answered in 1 minute by:
3/28/2018
TaxRobin
TaxRobin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 18,179
Experience: 15+ years in Tax preparartion as well as Instructor for tax law, theory, and application
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Customer reply replied 3 months ago
OK

You cannot hold back any of the carry over amount. You must apply all then if , and only if, you have losses still remaining you apply up to $3000 on the return against other income and then you can carry over any remaining after that.

You cannot just apply some though unfortunately.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

TaxRobin
TaxRobin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 18,179
Experience: 15+ years in Tax preparartion as well as Instructor for tax law, theory, and application
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TaxRobin and 87 other Capital Gains and Losses Specialists are ready to help you
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Customer reply replied 3 months ago
OK, so no way to just use part of the carry over losses, but what if I don't want to use any of the carry-over losses to reduce my capital gains for some reason. Is that possible?

No you cannot skip a year either. You cannot hold and not apply until you want to. You must apply each year.

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Customer reply replied 3 months ago
OK. This is for USA taxes, right?Also, I had stock investment losses from previous years (2000 through 2003) that I didn't mention in my recent tax filings, because after 2003, I didn't need to file taxes for 10 years because I worked as a volunteer at a non-profit organization and didn't have enough income to owe tax. So I forgot to mention the losses on my most recent tax filings (2014,2015, and 2016). Can I add them now for 2017?

Yes, US tax law is what I answered under.

If you were not required to file then the losses would not have been applied. You can go back and amend 2014, 15, & 16 but you need to quickly do the 2014. It needs to be in by April 15 2018.

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Customer reply replied 3 months ago
Thank you. Very helpful.

You are most welcome

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Customer reply replied 3 months ago
Hi Robin. Re: you last answer, since no taxes were filed 2006-2013 and no income was earned during that period, no taxes were filed for 2013. If we were to revise the 2014 Schedule D, we would need to reference the carry forward figure in the non existent 2013 return. We can compute the correct carry forward figure. Should we just plug that in the revised 2014 Schedule D?

Yes you can.

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Customer reply replied 3 months ago
OK, thanks.
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