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Each year it's applied against capital gains. If the end reslt is a net loss, $3000 goes against ordinary income. Any remaining
carries forward until used up or you die.
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Just to expand a little bit.I think the response was based on the assumption of a single individual.

If there is a married couple involved the remaining spouse can continue to retain the capital loss carryover.This is regardless of which spouse incurred the original capital loss.
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