Old capital loss carryover

[manyhappyreturns]

TP had capital loss 10 years ago, but did not have any income until 2016. Is there a limit on how many years you can carry a loss forward when there hasn't been any income to offset the loss?

[FEDUKE404]

Tracking loss carryforwards

TP had capital loss 10 years ago, but did not have any income until 2016. Is there a limit on how many years you can carry a loss forward when there hasn't been any income to offset the loss?

Your definition of "any income" sounds bothersome. You mean NONE? ZILCH? NADA?

Loss carryforwards can go onward for years, until completely used. However, in general you need to work through the numbers each year along the lines of ST/LT capital loss carryforward from year X and then ST/LT capital loss carryforward to year X+1. Tax software is pretty good at this chore.

FE

[manyhappyreturns]

TP was receiving Soc Sec only, so that is what I meant by no income. He is hoping he can come up with the records from his last tax return. If not, I'm not sure how comfortable I am with him giving me a number for capital losses, especially since he probably wouldn't know how much were ST and how much were LT. I hadn't thought of that complication yet.

[Roland Slugg]

A noncorporate taxpayer's unused capital losses can be carried over indefinitely. Code §1212(b)

[manyhappyreturns]

Okay, thanks. That's what I thought.