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Total short term losses go on Line 7. Total long term losses go on Line 15. The combined totals go on Line 16. The smaller of the combined loss or $3000 goes on Line 21 and Form 1040 Line 13.
Dear NY: A correction on the first answer the max capital loss is $3000 per year $1500 if married filing separate. (not single). You are responsible for keeping tract of your losses if the software doesn’t do it for you. In your case you will have a $2500 loss for next year. Make a note of it so you will remember it next year. Your carry over loss goes on line 6 (short term) line 14 (long term). These numbers come from the work sheet.
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Master Tax Advisor Enrolled Agent.
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