investment gains / lost

Yes. Each year your loss carryover goes on Schedule D of the 1040, where it's netted with this year's transactions.

-- Phil Marti Clarksburg, MD

The word is LOSS. Yes, carryover losses can be used to offset current gains, as well as up to $3000 of ordinary income.

Yes, as explained in your Schedule D instructions.

Capital loss carryover has NO time limit (except your life) for use. If you have no capital gains to offset it, up to $3000 can be used in any year to offset ordinary income.

Yes, the loss carries each year until used up. It is used to offset short term losses, and up to $3,000 of earned income. You are not forced to use it for long term gains, however, but you are permitted to do so. The choice is yours, and depends on your tax bracket, and the rest of the numbers involved. JOE

You MUST offset all current long term and short term losses against your caryover and then what's left can be deducted (up to $3,000) and the remainder carrys over to next year. ed

yes.

Your schedule D is where your gains are reported, and you can offset invetsment gains with your capital loss carryover for the amount of the net gains plus 3000.

And every year you carry-over some portion of that loss.

yes

The loss does not expire until you do.

-- ArtKamlet at a o l dot c o m Columbus OH K2PZH

A capital loss carryover is available until used up or you die. But be careful - some states don't allow capital loss carryovers. ___________________________________

-----> real address on hobokeni or hobokenx

Of course. You can deduct capital losses up to $3,000 per year against ordinary income. If you have $50k of carryover losses left, and you have capital gains of $20k, you can take that $20k against the $50k of carryover losses, and carry the remaining $30k forward. Now, what worries me is that you said "profit". If that profit isn't capital gain, then you can only knock off another $3k, and carry forward $47k to the next tax year.

"packat" wrote

Yes.

Capital losses being carried forward off-set current year's capital gains, and up-to $3000 of the remaining loss gets deducted against other income.

Till it's gone or you are.......which ever comes first.

-- Paul A. Thomas, CPA Athens, Georgia

This is incorrect. A loss carried forward goes on Schedule D, where it's available for application against all capital gains. There is no choice involved.

-- Phil Marti Clarksburg, MD

I realized the mistake just as I hit 'send'. I was thinking of 'investment interest'. TurboTax does not automatically apply it to long term gains, offering to carry forward instead of using against the LT gains. The user has a choice, however. My bad on this one. JOE