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Capital loss carryover

If your net capital loss is more than the limit you may be able to carry the loss forward to later tax years, this is called Capital loss carryover.

Go to this section in Credit Karma Tax: Capital Loss Carryover

A capital loss is when the amount you paid (or the adjusted basis), on an asset is greater than the amount you received when you sold it. If total capital losses are greater than the total capital gains, then you have a net capital loss.

For most filing statuses, the most capital loss you can carry over is the amount of your total capital gains plus $3000. If your filing status is married filing separately, then you can only carry over the amount of your total capital gains plus $1500.
Source: irs.gov

How do I know if I have a capital loss carryover?

To find out if you have a capital loss carryover:

  • Make sure you have last year’s tax return available - you’ll need both your Schedule D and your Form 1040.
    • If you did your taxes with Credit Karma Tax, you can View your Tax Forms to access this.
      Using the information from last year’s returns, fill in the fields on our Capital Loss Carryover page.
  • We’ll automatically calculate your capital loss carryover, if any, based on the information you provide and IRS rules.

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