1.
(1)#
For taxable years beginning before January 1, 2023, the amount required so that the net capital loss, after netting capital gains and capital losses to arrive at total capital gain or loss, is offset against ordinary income only to the extent of $500 and, except as provided in subd. 3., losses in excess of $500 shall be carried forward to the next taxable year and offset against ordinary income up to the limit under this subdivision. Losses shall be used in the order in which they accrue.
(2)#
For taxable years beginning after December 31, 2022, the amount required so that the net capital loss, after netting capital gains and capital losses to arrive at total capital gain or loss, is offset against ordinary income only to the extent of $3,000. Any excess net capital loss shall be carried forward to the next taxable year, subject to subd. 3. If the taxpayer is a married person who files separately, the $3,000 limitation in this subdivision shall be $1,500.
(3)#
A net capital loss that is carried forward to a taxable year beginning after December 31, 2022, shall be offset against ordinary income, limited to $3,000, in that taxable year. Losses shall be used in the order in which they accrue. If the taxpayer is a married person who files separately, the $3,000 limitation in this subdivision shall be $1,500.