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If you have a net capital loss greater than $3,000 for the year -- that is, if your capital losses exceed your gains by more than $3,000 -- you won't be able to deduct all your losses this year.
However, you will be able to carryover any losses that exceed $3,000 and deduct them in future years. The losses will retain their character as short-term or long-term when you carry them over.
The worksheet provided below is designed to help you compute your carryovers and retain them in your records as short-term or long-term, so that you don't neglect to deduct them later and so that you have proof of their amount in case your tax return is audited.
Do not file this worksheet; just keep it in your tax records for the year.
The file is in Adobe portable document format (PDF), which requires the use of Adobe Acrobat Reader.
Adobe Acrobat Reader is available, without charge, at the Adobe website.
For more information, see our discussion of netting short-term and long-term gains and losses.
After you finish your federal tax return, your information will accurately and automatically transfer into your state return. Just answer a few state specific questions, and you're done.
CompleteTax State is only $34.95 and includes: