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Deducting up to $3,000 of capital losses from previous years against ordinary income of this year


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Posted

I have a capital loss from the previous year.

I don't have capital gains this year and would like to use that loss to offset my ordinary income. I should be able to deduct up to $3,000 per year.

I couldn't find how to do this in UFile. I would appreciate if someone could point me in the right direction.

Posted

Capital losses can only be claimed against capital gains from the previous three years or applied to future gains indefinitely. If you had gains in 2020, you could offset your losses in that year. This does not affect your 2023 return.

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