The Money Mustache Community
Learning, Sharing, and Teaching => Taxes => Topic started by: BTDretire on September 17, 2018, 01:49:12 PM
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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?
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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.
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To MDM, is a carry over loss included in the CSS?
Yes, see the Schedule D section starting in cell L53.
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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!