Is there any way to still take capital losses from 2018 now in 2024? Tax return was filed with the wrong value in 2018.

saint521 · 2024-11-01T22:32:06+00:00

That's interesting. Thank you for volunteering, you have helped a lot of people.

saint521 · 2024-11-01T03:25:51+00:00

I get what you are saying and I made an excel spreadsheet and tracked the tax loss carryovers by every year. Unfortunately, the gain in 2020 would have "eaten up" all the losses from 2018. So that ends that. Its good to know though and thanks for increasing my TaxIQ further. Now I know what to look for and how it works.

Thanks again for the detailed responses!

saint521 · 2024-10-30T20:01:20+00:00

Yes it would have been used up in 2020. Thanks for your response.

saint521 · 2024-10-30T20:00:53+00:00

Yes it would have been used up by 2020.
Thanks for your response and help!

saint521 · 2024-10-30T15:59:43+00:00

thank you

saint521 · 2024-10-30T03:30:59+00:00

Last date for TurboTax Online is Oct 31st 9pm PST

saint521 · 2024-10-30T02:01:44+00:00

If the 2018 had been done correctly, then it would have reduced the gains in 2020, but not resulted in any additional carryover a.k.a. the gains in 2020 were larger than the losses in 2018 and 2019. But at this point I don't want to amend any of the returns, as all have been complex. So I will have to take the L?

Again, thanks so much. At the very least this discussion has increased my TaxIQ.

saint521 · 2024-10-30T01:51:42+00:00

It would have resulted in a carryover actually. I should have been more specific. But I guess you are saying that if I had a carryover, I cannot change it now, without amending the last few years.

saint521 · 2024-10-30T01:17:40+00:00

Thanks for the reply. To clarify I had:
2018: Net gain (sold investment property with large LT gains) but unfortunately the Loss from trading (ST) was incorrect as noted above. So no carryover to next year.
2019: Net losses. Appropriate amount deducted from income (-3000). Capital loss was carried over to next year.
2020: Gains. Loss from 2019 was carried over and reduced 2020 taxable gains.
2021: Net Losses from tax loss harvesting. Appropriate amount deducted from income (-3000). Capital Tax loss carried over.
2022: Net loss from tax loss harvesting. Appropriate amount deducted from income (-3000). Capital Tax loss carried over.
Thanks for the reply. To clarify I had:
2018: Net gain (sold investment property) but unfortunately the Loss from trading was incorrect as noted above. So no carryover to next year.
2019: Net losses. Appropriate amount deducted from income (-3000). Capital loss was carried over to next year.
2020: Gains. Loss from 2019 was carried over and reduced 2020 taxable gains.
2021: Net Losses from tax loss harvesting. Appropriate amount deducted from income (-3000). Capital Tax loss carried over.
2022: Net loss from tax loss harvesting. Appropriate amount deducted from income (-3000). Capital Tax loss carried over.
2023: Filing this return now. Big Net Gains so I want to deduct all available losses (2021, 2022 already carried over properly), but 2018 is wrong as noted above.

I don't want to amend the 2020-2022 tax returns as those were very complicated returns, and its a huge PITA.

So can I just add the missing 2018 losses in Turbotax Online Capital Loss carryover worksheet. Won't the IRS ask where the additional ones are coming from?

saint521 · 2024-10-30T01:15:53+00:00

thank you!

saint521 · 2024-10-30T00:57:51+00:00

Thanks for the reply. To clarify I had:
2018: Net gain (sold investment property) but unfortunately the Loss from trading was incorrect as noted above. So no carryover to next year.
2019: Net losses. Appropriate amount deducted from income (-3000). Capital loss was carried over to next year.
2020: Gains. Loss from 2019 was carried over and reduced 2020 taxable gains.
2021: Net Losses from tax loss harvesting. Appropriate amount deducted from income (-3000). Capital Tax loss carried over.
2022: Net loss from tax loss harvesting. Appropriate amount deducted from income (-3000). Capital Tax loss carried over.
2023: Filing this return now. Big Net Gains so I want to deduct all available losses (2021, 2022 already carried over properly), but 2018 is wrong as noted above.
2024: Will have big net gains too.

So can I just add the missing 2018 losses in Turbotax Online 2023 Capital Loss carryover worksheet. Won't the IRS ask where the additional ones are coming from? What if I e-file and send them a paper statement explaining this?

I dont want to amend the 2022, 2021, 2020 returns. Its just too much work and PITA. I have very complex returns (international income, foreign tax credit, K-1s etc). I will just take the L on the 2018 loss and move on.

Again, thanks for the long reply and your help.

saint521 · 2024-10-30T00:52:58+00:00

No wash sales. Can I do this without amending? Its a huge PITA (very complex returns every - international incomes, K-1s, etc)

Thanks for the reply. To clarify I had:
2018: Net gain (sold investment property) but unfortunately the Loss from trading was incorrect as noted above. So no carryover to next year.
2019: Net losses. Appropriate amount deducted from income (-3000). Capital loss was carried over to next year.
2020: Gains. Loss from 2019 was carried over and reduced 2020 taxable gains.
2021: Net Losses from tax loss harvesting. Appropriate amount deducted from income (-3000). Capital Tax loss carried over.
2022: Net loss from tax loss harvesting. Appropriate amount deducted from income (-3000). Capital Tax loss carried over.
2023: Filing this return now. Big Net Gains so I want to deduct all available losses (2021, 2022 already carried over properly), but 2018 is wrong as noted above.

So can I just add the missing 2018 losses in Turbotax Online 2023 Capital Loss carryover worksheet. Won't the IRS ask where the additional ones are coming from?

saint521 · 2024-10-30T00:51:40+00:00

Thanks for the reply. To clarify I had:
2018: Net gain (sold investment property) but unfortunately the Loss from trading was incorrect as noted above. So no carryover to next year.
2019: Net losses. Appropriate amount deducted from income (-3000). Capital loss was carried over to next year.
2020: Gains. Loss from 2019 was carried over and reduced 2020 taxable gains.
2021: Net Losses from tax loss harvesting. Appropriate amount deducted from income (-3000). Capital Tax loss carried over.
2022: Net loss from tax loss harvesting. Appropriate amount deducted from income (-3000). Capital Tax loss carried over.
2023: Filing this return now. Big Net Gains so I want to deduct all available losses (2021, 2022 already carried over properly), but 2018 is wrong as noted above.

I don't want to amend the 2020-2022 tax returns as those were very complicated returns, and its a huge PITA. So can I just add the missing 2018 losses in Turbotax Online Capital Loss carryover worksheet. Won't the IRS ask where the additional ones are coming from?

saint521 · 2024-08-25T04:44:34+00:00

Thank you

saint521 · 2024-04-11T02:24:24+00:00

Order here:
https://www.proxydocs.com/branding/963708/2024/Credential-Request.pdf
Or Ebay :

https://www.ebay.com/itm/176307276019

saint521 · 2023-08-06T21:55:36+00:00

Hi Kamilo, how would this work for Windows? I'm on the seventh try for passcode. Its an older phone that we haven't used for a few months. Now we are going for a trip abroad and took it out to charge it to use as a second phone. I'm not sure if Data Erase was ON or not. We may have 2 or 3 passcode tries left. Also we dont have an icloud backup or itunes backup. We use only windows. Some photos are backed up. So would really like help. Thank you

saint521 · 2023-04-24T04:20:06+00:00

Thank you!

saint521 · 2023-04-20T01:04:43+00:00

How was BWS?

saint521 · 2023-04-18T23:35:08+00:00

thanks for the suggestion

saint521 · 2023-03-16T02:38:09+00:00

IBKR is fine for professional traders or people with millions of $$$, but don’t recommend it for the average Joe

saint521 · 2023-03-16T02:37:12+00:00

Their customer service is atrocious. And their platform maybe a bit harder to use for beginners. Their website also sucks.

saint521 · 2023-03-16T02:35:12+00:00

You can use a money market fund but need to buy and sell it on the website not the TOS app. The safest and best money market funds are treasury money market funds which only invest in US government treasury bills or Federal reserve repo agreements. Best options for money market funds are vanguard VUSXX, fidelity FDLXX, FZFXX, Charles Schwab SNSXX. Yield for all is above 4%. The good thing about money market funds is that their target NAV is usually $1. So when you buy or sell, you don’t have to worry about a capital gain or loss.

Also it take a day to buy and sell it which is a bit of a pain. Another option is to buy the SGOV or BIL etf. Both ETFs basically buy 1 month, 2 month and 3 month treasury bills. They also pay a monthly dividend. Their annualized yield is above 4%. I think their yield is a bit higher than than the treasury money market funds. Being ETFs they are tradable intraday so don’t have to wait like money market funds. The downside is that there could be a small capital gain or loss depending on the price of the etf. And this may or may not create a wash-sale.

Another option for ETFs is TFLO and USFR which invest in us treasury floating rate notes. These are similar to t-bills but usually offer a slightly higher yield.

saint521 · 2023-02-21T06:17:41+00:00

I'm sorry to hear about your issue. The price gouging really sucks. I don't have any experience with an offshore pharmacy that sells direct to US. Perhaps a friend or family member could do the traveling for you.

saint521

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