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My sister had a capital loss. She took $3000 in 2012 but did…

My sister had a...

My sister had a capital loss. She took $3000 in 2012 but did not file federal taxes again until last year and forgot about the capital loss which she is still entitled to. S

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

She wants to take it this year. How does she handle this capital loss for the years she did not take it.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

She cannot afford to use an accountant as she is living on social security and wants to file Form D herself. She does have a copy of her 2012 tax return.

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Answered in 4 minutes by:
3/12/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,126
Experience: Taxes, Immigration, Labor Relations
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Your sister is NOT required to file tax returns for prior years if she were not required.

However - all capital losses she was entitled to use for these years - must be applied to reduce her carry forward amount.

If she had NO any capital gains during 2013-2014-2015-2016 tax years - her carried forward capital losses should be reduced by $3000*4 = $12,000.

The remaining amount may be used on her 2017 tax return.

Let me kno wif you need any help with determination.

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Customer reply replied 4 months ago
I noticed on schedule D it has a $3000 capital loss amount. Can she take the $12000 in this particular space or is there somewhere else she needs to put the losses for 2013 thru 2016.
Customer reply replied 4 months ago
no. above question is the only other one I have.

That is correct - if she had NO other capital gains - she may ONLY use up to $3000 of her capital losses in any single tax year against other income (not capital gains).

But we need to know what the amount was carried forward on her 2012 tax return.

That amount will be reduced by $12,000 - and whatever remained - may be used on her 2017 tax return.

To use missing losses for 2013 thru 2016 - we would need to amend these tax returns - and add these losses.

We need to verify if that would benefit her before amending.

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Customer reply replied 4 months ago
She had a capital loss carryover of (48,000) on her 2012 tax return, with a $3000 claimed.

Ok - so if she had NO any capital gains for 2013 thru 2016 - then - her carryover amount to 2017 will be

48,000 MINUS $3000 claimed for 2012 MINUS $12,000 for 2013 thru 2016 = $33,000 carried to 2017.

If she has NO capital gains in 2017 - she may use $3000 on her 2017 tax return. and the rest will be carried forward to following tax years.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,126
Experience: Taxes, Immigration, Labor Relations
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Customer reply replied 4 months ago
Thank you. You have been an enormous help.
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