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Get your taxes done using TurboTax
If you had entered the investment loss into schedule D then it would have been classified as a long term capital loss and would have been carried over as a long term loss to be written off against other investment income or at $3000 a year until it is used up.
Since you entered it as a casualty and theft loss the amount that you received credit for is carried forward as an NOL for up to 20 years.
In order to enter it into this year's return just type "NOL" into the search bar and then click 'jump to' and it will take you to the section to enter the prior year's unused loss.
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March 20, 2024
11:39 AM