Question

Capital loss carryover

Forum|Forum|1 year ago
March 6, 2025
1 reply
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I had 30k in capital losses in 2017. I have been deducting 3k each year since then. If I get audited will they want my 2017 taxes or is the carrying it over every year documentation enough since it’s been 7 years since the year of the loss.
thank you

Not A Product Question

M

MindyB

Yes, you need to keep the record detailing the original 2017 loss. If you are audited and cannot produce support, they could disallow the losses taken on the "open" years. Open meaning the year that the statute of limitations has not yet expired (last 3 years).

Here is some information you may find helpful: How Long To Keep Tax Returns and Records