Can we deduct current year (2024) capital losses from current year income? Turbotax's question implies we can only deduct "prior" year losses (2023).

Forum|Forum|11 months ago
April 10, 2025
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DawnC

You can deduct 2024 capital losses up to the amount of your 2024 capital gains plus $3,000 ($1,500 if married filing separately). You may be able to use capital losses that exceed this limit in future years. How are capital gains and losses calculated?

You can't choose which tax years to apply your carryover to. Carryovers from this year's return must be applied to next year's.

If you copied last year's return over in TurboTax, we automatically include the carryovers. But it's a good idea to keep a written record of your expected carryover amounts to compare against your return.

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