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Submitted By: Patricia
Answered: February 18, 2014 8:30 am
Answered: February 18, 2014 8:30 am
My spouse died in 2013 with a sizable capital loss carryover. Can I carry the loss back?
Capital losses can be carried forward only to offset capital gains (and up to $3,000 of ordinary income) in future years. The capital losses of a deceased spouse can be used on the final joint return, but the surviving spouse cannot carry the excess forward for used by the spouse in future years.
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Tax Glossary
Private letter ruling
A written determination issued to a taxpayer by the IRS that interprets and applies the tax laws to the taxpayer’s specific set of facts. A letter ruling advises the taxpayer regarding the tax treatment that can be expected from the IRS in the circumstances specified by the ruling. It may not be used or cited as precedent by another taxpayer.
