capital gains and NOL
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beckyw907
New Member

capital gains and NOL

Hello,

we sold our rental property this year and I cannot figure out how to apply the NOL to the capital gains. 

 

we have no other rental property, this was it.  

 

Any help would be greatly appreciated.

 

thanks,

4 Replies
tagteam
Level 15

capital gains and NOL

You can enter the NOL into the program but you have to calculate the NOL manually.

 

See https://www.irs.gov/publications/p536#en_US_2019_publink1000177328

ColeenD3
Employee Tax Expert

capital gains and NOL

If you had an NOL from a prior year, it would be entered on Line 8, 1040 as a negative number. It would not directly be counted against capital gains, but all your income.

 

To enter an NOL that was not carried forward in TurboTax, go to

  • Tax Tools 
  • Tools 
  • Topic Search
  • Type in NOL

 

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tagteam
Level 15

capital gains and NOL

TurboTax does not carry forward an NOL from the previous year.

 

The NOL needs to be entered manually into TurboTax as a positive number.

 

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AmeliesUncle
Level 11

capital gains and NOL


@beckyw907 wrote:

we sold our rental property this year and I cannot figure out how to apply the NOL to the capital


 

Let's take a step back. 

 

Are you SURE you mean NOL (a previous tax return had net negative income on the entire tax return)? 

 

Or are you referring to the Passive Losses that were not allowed for the rental property?

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