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Get your taxes done using TurboTax
Thank you for the suggestion. But, it still doesn't make sense to me:
On Schedule D
Line 7: -40,824 (short term capital gain loss carry over)
Line 10: 345,000 (correct taxable gain amount for home sale)
Line 14: -317,350 (long term capital gain loss carry over)
Line 15: 27,650 (net long term gain/loss)
Line 16: -13,174 (net of 7 and 15)
Line 21: -1,500 (enter smaller of Line 16 or -1,500)
Why do I owe 33,962 on a negative gain?
March 30, 2025
8:58 AM