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How to calculate the the "Long-Term Capital Loss Carryover" from the schedule D?

How to Offset long term carry over from previous year ? (2012 Schedule D)?

  • Both Short and long term capital is positive number on Schedule D of this year, however, 2012 Sch D don't have space to filled long term carryover loss from previous year. i tried ...show more

  • Answer:

    if your total gain for the current year is $8200 and you have a carryforward loss of $4100, means your taxable Sch D amount is $4100

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You need to do the following steps: 1. Get the 2013 schedule D instructions (or the 2012 and do the equivalent). There is a worksheet for determining how much loss you are carrying over. 2. If it's long term, you enter the entire amount on line 14. http://www.irs.gov/pub/irs-dft/f1040sd--dft.pdf This line is clearly labelled as the carryover, so I don't understand how you claim it's not there.

NA

When you do correctly fill out the 2013 schedule D during the 2014 tax filing season the capital gains and losses will each offset each other for that purpose and then for the 2013 1040 FIT when you would have remaining loss 3000 of it would used on your 2013 1040 FIT return to offset up to 3000 of ordinary income during the 2014 tax filing season for the 2013 tax year 1040 FIT return. Hope that you find the above enclosed information useful. 12/11/2013

Bobbie

You net the carryover with your gain from this year, so you'll use all of it and have a remaining 4100 gain to pay tax on. Look at your capital loss carryover worksheet to see what to put as ST or LT carryover on this year's schedule D.

Judy

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