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Submitted By: Ed
Answered: October 12, 2015 11:29 am
Answered: October 12, 2015 11:29 am
I had a capital loss of $13,500 and no capital gain. Can I carry the loss back to offset income in past years?
No, there is no carryback for capital losses. Capital losses can offset capital gains and up to $3,000 of ordinary income. Any capital loss over this limit can be carried forward indefinitely to offset future capital gains and, again, up to $3,000 of ordinary income.
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Tax Glossary
Foreign tax credit
A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?
