Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
dp6
New Member

Do I have to claim a capital loss in the year I experience it or can I carry it to a future year when I may be able to make better use of it? See additional details

For example I bought and sold multiple investments last year that resulted in a small net capital gain overall.  (Some transactions were gains while some transactions were losses).  My net income is low enough that I find I am not utilizing the full opportunity afforded by my health expenses (soon to be expiring) and my non refundable tax credits.  Is there a way to delay some of my investment losses into future years thereby increasing this year’s income and maintain the opportunity to claim the losses in future years.


1 Reply

Do I have to claim a capital loss in the year I experience it or can I carry it to a future year when I may be able to make better use of it? See additional details

If you do not have any Capital Gains this year to apply your losses to, you can "carry them back" three years, or forward indefinitely.

After you enter your Capital Gains details in to TurboTax, and a loss is calculated, you will be prompted in the Review section to carry them back or forward. (In paid versions of TurboTax, you can access the screen by searching for "loss"). If you choose to carry them forward, when you receive your NOA, it will state on there how much you have for Net Capital Losses to apply in future years.