Author Topic: I had a Long Term Loss Carry Over from 2001. How much is left?  (Read 1048 times)

BTDretire

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I had a Long Term Loss Carry Over from 2001. How much is left?
« on: September 17, 2018, 01:49:12 PM »
I'm trying figure out how much Long Term Loss Carry Over I have left.
Looking at my 2017 Schedule D
Part 1,
line 7, Short term gain $13,869.

Part 2,
line 8h, ($4,692)
Line 13h $835
Line 14h ($23,792)
Line 15h ($27,649)

Part 3
Line 16 ($13,780)
Line 21 ($3,000)

So is my left over 'Long Term Carry Over', Line 15h - Line 21 = $24,649?

Can I sell VTSAX taking a LTCG and use up that $24,649 on my 2018 1040.

To MDM, is a carry over loss included in the CSS?


 



Systems101

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Re: I had a Long Term Loss Carry Over from 2001. How much is left?
« Reply #1 on: September 17, 2018, 03:43:24 PM »
The long term carry over has to add any short term gain so you don't double count.  The Capital Loss Carryover Worksheet in the Schedule D instructions will help you do the math officially.

I believe you will end up with Line 15 + line 7 - line 21 = A long term loss of $10,780 is unused.

If you have any gains this year, it will consume the losses, since the carryovers are in the math "above" line 16.

MDM

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Re: I had a Long Term Loss Carry Over from 2001. How much is left?
« Reply #2 on: September 17, 2018, 03:54:43 PM »
To MDM, is a carry over loss included in the CSS?
Yes, see the Schedule D section starting in cell L53.

BTDretire

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Re: I had a Long Term Loss Carry Over from 2001. How much is left?
« Reply #3 on: September 17, 2018, 07:14:26 PM »
The long term carry over has to add any short term gain so you don't double count.  The Capital Loss Carryover Worksheet in the Schedule D instructions will help you do the math officially.

I believe you will end up with Line 15 + line 7 - line 21 = A long term loss of $10,780 is unused.

If you have any gains this year, it will consume the losses, since the carryovers are in the math "above" line 16.

  Oh whew, I went through the process and came up with the same answer $10,780.
Disappointing, I used up over $16,000 of my carryover loss last year.
I guess I'll use the rest this year. That was a long haul, took me 17 years to use up 2001 carryover losses.

I do have one discrepancy, Line 13 on the carryover worksheet is $24,116
 but when it was transferred to line 14 of the schedule D it is $23,792.
 Are there any subtractions I'm missing? I thinks it's an error!