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Financial Planning / Tax Strategies
|Subject: Re: Loss carry forward||Date: 10/15/2013 3:19 PM|
|Author: TMFPMarti||Number: 119314 of 122058|
In 2013 I sold my condo at a loss. The amount I could deduct was limited to $3,000. For how many additional years can I deduct part of that loss?
The capital loss carryover lasts until it's used up or you die. Each year the carryover from the prior year goes on Schedule D, where it gets netted with any current year gains/losses.
But I'm wondering. Most people mean "my home" when they say "my condo." Was this your personal use property or a rental? If the former you cannot deduct your loss at all. If it was a rental and you did your own return, are you sure you completed everything correctly, including the depreciation recapture?
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