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I had paid over $40 thousand in taxes on the last year

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capital gains of 257 thousands...
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: 2 years ago.Category: Tax
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3/1/2016
Tax Professional: Tax.appeal.168, Tax Accountant replied 2 years ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,652
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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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.

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Customer reply replied 2 years ago
This not what I am asking. Is there a way to claim this year capital loss against last year capital gain
Tax Professional: Tax.appeal.168, Tax Accountant replied 2 years 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.

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Customer reply replied 2 years ago
thank you
Tax Professional: Tax.appeal.168, Tax Accountant replied 2 years ago

You are very welcome.

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