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-   -   How to do tax losses update? (https://www.askmehelpdesk.com/showthread.php?t=554415)

  • Feb 14, 2011, 03:11 PM
    rajneeta
    How to do tax losses update?
  • Feb 14, 2011, 03:16 PM
    ebaines

    Please clarify your question. Are you looking to carry forward a tax loss from one year to the next?
  • Feb 16, 2011, 08:49 PM
    rajneeta
    Comment on ebaines's post
    Yes I am looking to carry forward a tax loss from one year to the next.
  • Feb 17, 2011, 06:42 AM
    ebaines

    The max amount of net capital loss you can claim in any one year is $3000. If you have more of a loss than that, you can deduct the $3K for the year you took the loss and carry forward the remaining loss to use in future years. You can continue to carry forward the remaining loss indefinitely until it's used up.

    On Schedule D line 14 is where you enter any carry-forward losses from the previous year, and line 21 is where you determine whether your net loss this year (including any carry forward loss) is in excess of $3K, and hence whether you have a carry forward loss into next year.

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