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

Tax HELP!! How calculate tax loss carryover for capital losses from last year?

  • Hi. First, I would like to thank you in advance for any help. Here's the question. I had a total of $22,000 of capital losses on last years tax return. $7,000 Short term and $ 15,000 long term. I had no gains last year to offset these losses. Would I use these numbers as my capital loss carryover for 2010? Thanks for any help!

  • Answer:

    Go to irs.gov, get the instructions for the schedule D. In the schedule is the worksheet for determining your carryover for short term and long term losses. Since you lose up to $3000 of loss per year, you have to use the worksheet to determine the amounts.

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Fill out the carryover worksheet for your 2010 schedule D. You very likely have a carryover of $19,000. $3000 of it is use it or lose it each year, including last year if you had no other income to offset it against.

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