When trying to figure out the capital carrying loss for the next year using an income...

When trying to figure out the capital carrying loss for the next year using an income statement, is it just the negative net income?

Expert Solution

According to my interpretation on your question

Capital loss carryover is the net amount of capital losses eligible to be carried forward into future tax years.

You’re allowed to deduct capital loss up to the amount of your capital gain plus $3,000, with any unused loss carried over to the next year.

The rule

Your capital loss carryover is reduced by the amount of capital loss that was actually used to reduce your taxable income, not by the amount of capital loss deduction shown on your tax return. In figuring this amount, you’re allowed to use all other deductions before using the capital loss deduction. This rule is reflected in a Capital Loss Carryover Worksheet that appears in the instructions for Schedule D and also in IRS Publication 550, Investment Income and Expenses

.If you ignore the negative numbers produced by your capital loss deduction and standard deduction, you won’t reach the correct result.

ekkarill92 answered 1 year ago

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