bruce50
New Member

How do I offset capital loss carried forward against current capital gain?

I suffered a capital loss on the sale of real estate in 2017.

I will have a capital gain on the sale of real estate in 2021.

Although I did report the loss on my 2017 return, I cannot find a reference in my 202 TurboTax return to the existence of a capital loss carry forward.

When I prepare my 2021 return, how do I ensure that I am able to offset the 2017 capital loss against the 2021 capital gain?

Getting started

To ensure that you can use the 2017 capital losses, you can find the balance of capital losses carried forward in your latest notice of assessment or check it online using the CRA’s My Account portal. After logging in, click on the Tax Returns tab at the top of the page and then follow the link called Carryover Amounts. Your information will be on the following page.

 

To claim your capital losses carried forward, enter the amount on line 25300 of your income tax return (T1). You will need to be aware of the inclusion rate for the year of your loss. For 2017, your inclusion rate is 50 percent. If you have a gross loss of $100,000, then your amount eligible to be carried forward is $50,000.

 

You may find these tips on Carry Forward of Capital Losses from TurboTax very helpful.

 

If you require further assistance please contact our phone support team for further assistance or contact us directly on Facebook or Twitter.

Getting started

 Capital Losses can be carried forward indefinitely. 

 If you require further assistance please contact our phone support team for further assistance or contact us directly on Facebook or Twitter.