GeorgeM Posted March 3, 2009 Report Share Posted March 3, 2009 I have a client who has a capital loss carryover on schedule D. The preparer last year did not take any carryover due to not enough income. This year there is not enough income again. Will this carryover still be in effect for upcoming years? Thank you Quote Link to comment Share on other sites More sharing options...
JRS Posted March 3, 2009 Report Share Posted March 3, 2009 Capital loss carryover. If you have a total net loss on line 16 of Schedule D that is more than the yearly limit on capital loss deductions, you can carry over the unused part to the next year and treat it as if you had incurred it in that next year. If part of the loss is still unused, you can carry it over to later years until it is completely used up. Quote Link to comment Share on other sites More sharing options...
michaelmars Posted March 3, 2009 Report Share Posted March 3, 2009 if taxable income is negative without the cap loss then the entire cap loss is available for the following year and none gets utilized in the current year Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted March 4, 2009 Report Share Posted March 4, 2009 Carried forward until used. Or until you die, when it dies with you. Quote Link to comment Share on other sites More sharing options...
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