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.

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Tax Glossary

Gift tax

Gifts in excess of an $12,000-per-donee annual exclusion are subject to gift tax, but the tax may be offset by a gift tax credit.

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