Patrick Michael Posted March 16, 2023 Report Share Posted March 16, 2023 New client found a 1099B with a $8,000 LT Capital Loss for 2021. He already has a ~900K capital loss carryforward (unsuccessful day trader) so the loss will not effect his tax liability. He also wants to add an additional expense to his 2021 Home Office Deduction carryforward , again no effect on 2021 tax liability . Is it necessary to file an amended return to add these amounts or can I can just add these amounts to his 2022 carryforwards? Does the IRS track the carryforward numbers from year to year? Quote Link to comment Share on other sites More sharing options...
Lee B Posted March 16, 2023 Report Share Posted March 16, 2023 Read the Ringers "Splitting Nails" thread stared March 1st. You will see differing opinions of whether to amend or not. Personally I lean toward just adjusting the carryforward numbers. However if it was much bigger adjustment I would lean toward amending. 4 Quote Link to comment Share on other sites More sharing options...
Sara EA Posted March 18, 2023 Report Share Posted March 18, 2023 I'd adjust the carryforwards too. Or not even bother is there is no chance the client will use up those losses in his lifetime. Speaking of losses, that $3k loss allowed to offset ordinary income has been the same since the beginning of time. No inflation adjustment ever. Perhaps congress doesn't like losers. Quote Link to comment Share on other sites More sharing options...
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