Submitted By: Ed
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.

Tax Glossary

Unrecaptured Section 1250 gain

Long-term gain realized on the sale of depreciable realty attributed to depreciation deductions and subject to a 25% capital gain rate.

More terms