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Itemized Deductions Schedule-A


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Old 09-24-2018, 10:38 PM
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Location: Oklahoma
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LT Prior year loss carryover but insufficient current income

I am working on a lady's taxes and she has had a LT capital loss carryforward for several years but has insufficient current income (2017) to deduct it. Further, she is virtually disabled and unlikely to ever earn enough to owe taxes again. What happens to this carryforward? Can she deduct it anyway for a potential tax credit? Thanks in advance.



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Old 09-25-2018, 09:49 PM
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then she,ll lose it all.For a large loss and no capital gains, your loss will carry forward indefinitely with a $3k($1.5k if she?s married and filing separately.) reduction in the carry amount each year until it reaches zero:I mean You can use a maximum of $3,000 of capital losses each year as a write-off against income other than capital gains



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