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Submitted By: Patricia
Answered: February 18, 2014 8:30 am
Answered: February 18, 2014 8:30 am
My spouse died in 2013 with a sizable capital loss carryover. Can I carry the loss back?
Capital losses can be carried forward only to offset capital gains (and up to $3,000 of ordinary income) in future years. The capital losses of a deceased spouse can be used on the final joint return, but the surviving spouse cannot carry the excess forward for used by the spouse in future years.
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Tax Glossary
Nonrecourse financing
Debt on which a person is not personally liable. In case of nonpayment, the creditor must foreclose on property securing the debt. At-risk rules generally bar losses where there is nonrecourse financing, but an exception applies to certain nonrecourse financing for real estate.
