Captal Loss Carryover

[peggysioux5]

Taxpayers had large capital loss carryovers from previous years.  Taxpayers began handling their own tax returns in 2019 and inadvertently dropped the previous years’ carryover losses.  Are amended tax returns required for 2019 through 2021 to reflect the correct carry-over losses or can I just calculate the correct carry-over loss to date and reflect on 2022 tax return?  The change in tax liability for the years in question are zero to very minimal with a decrease in tax liability to the taxpayers.  Taxpayer is dealing with a serious health issue and would prefer not going back and amending previous years if possible.

Peggy Sioux

 

[Lee B]

There have been several recent threads with lengthy discussions of this issue with some posters in favor of just correcting the carryforward amount in the current return and other posters in favor of amending returns.

One thread started on March 1st and the other started on March 16th, which will give you the pros and cons both approaches.

[peggysioux5]

I see the March 16th thread, but unable to locate the March 1st thread.  Would you be able to provide the subject line of the March 1st thread?

 

 

[Lee B]

It was started by Ringers on March 1st. If you search for  spitting nails  you should find it.

Edited April 9, 2023 by jklcpa
changed splitting to spitting

[jklcpa]

22 hours ago, peggysioux5 said:

I see the March 16th thread, but unable to locate the March 1st thread.  Would you be able to provide the subject line of the March 1st thread?

 

 

https://www.atxcommunity.com/topic/30766-spitting-nails-any-help-appreciated-a-long-read-but-worth-it-especially-if-you-hate-diy-tax-software/