Can stock losses this year offset last year's capital gains

curious · Joined: 25 Aug 2007 Posts: 11

Last year I sold some stock and had a significant capital gain. The tax
that I owe on that is around $20K. Now so far this year I have sold stock
at significant losses. I am having trouble coming up with the $20K to pay
the tax for last year's capital gains. Isn't there some sort of quarterly
tax return that you can file with the IRS? Would I be able to use that to
document my losses so far this year and basically cancel out the gains
that I had from last year?

Archived from group: misc>taxes

Charlie K · Joined: 25 Aug 2007 Posts: 4

On Feb 14, 9:17 am, "curious" wrote:
> Last year I sold some stock and had a significant capital gain. The tax
> that I owe on that is around $20K. Now so far this year I have sold stock
> at significant losses. I am having trouble coming up with the $20K to pay
> the tax for last year's capital gains. Isn't there some sort of quarterly
> tax return that you can file with the IRS? Would I be able to use that to
> document my losses so far this year and basically cancel out the gains
> that I had from last year?

No. There is no carryback.

Paul Thomas, CPA · Joined: 25 Aug 2007 Posts: 3094

"curious" wrote
> Last year I sold some stock and had a significant capital gain. The tax
> that I owe on that is around $20K. Now so far this year
> I have sold stock at significant losses. I am having trouble
> coming up with the $20K to pay the tax for last year's capital
> gains. Isn't there some sort of quarterly tax return that you
> can file with the IRS? Would I be able to use that to
> document my losses so far this year and basically
> cancel out the gains that I had from last year?

Nice thought.

But no.

Capital losses can only be carried forward, used against capital gains, and
up-to $3000 of the capital losses can be used against ordinary (other)
income per year.

--
Paul A. Thomas, CPA
Athens, Georgia

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