I am in the 15 per cent federal tax bracket and have long term capital loss carryovers from previous years. If I sell some stock with a long term capital gain does the long term loss carryover kick in to offset the gain or am I taxed at 0 percent up to the max of the 15 per cent tax bracket? Thanks......At Last
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The carryforward looks to be 'use it or lose it'. According to Pub 550
When you figure the amount of any capital loss carryover to the next year, you must take the current year's allowable deduction into account, whether or not you claimed it and whether or not you filed a return for the current year.
So you can choose not to take the current year's deduction, but the amount of losses you can carryforward is reduced as if you had taken the deduction.
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