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Submitted By: Ed
Answered: October 12, 2015 11:29 am
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
Revenue ruling
A revenue ruling is the Commissioner’s “official interpretation of the interpretation of the law” and generally is binding on revenue agents and other IRS officials. Taxpayers generally may rely on published revenue rulings in determining the tax treatment of their own transactions that arise out of similar facts and circumstances.
