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emc011075, Tax adviser
Category: Finance
Satisfied Customers: 2928
Experience:  IRS licensed Enrolled Agent and tax instructor
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Can I file a Schedule D form in 2016 only to recover part of

Customer Question

Can I file a Schedule D form in 2016 only to recover part of a tax loss carryover from 2015? That is without any capital gains transactions in 2016?
Submitted: 9 months ago.
Category: Finance
Expert:  emc011075 replied 9 months ago.

Hi. My name is ***** ***** I will be happy to help you.

Do you have other income like W2 or self-employment income to offset the loss?

Expert:  emc011075 replied 9 months ago.

You do not need to have capital gains to claim the carryover. The loss carryover will be claimed directly on Schedule D and if you do not have any other capital gains or losses, you can claim up to 3K of the loss. The rest will be carried over to next year.

But to do so you will need taxable income to offset it. The loss alone will not generate any refund. It will only reduce your taxable income.

Expert:  emc011075 replied 9 months ago.

Do you have any questions? Is there anything else I can help you with today?