rjs
Level 15
Level 15

Get your taxes done using TurboTax

That seems right. The full amount of the capital loss is supposed to be on Schedule D. But it's not subtracting the full capital loss from your taxable income.


Schedule D line 7 is your total short-term capital loss. You must have a long-term capital gain of $903 on Schedule D line 15. Your overall net capital loss on Schedule D line 16 is -$36,057 + $903 = -$35,154. But that net capital loss does not all go to Form 1040. You should have a capital loss of -$3,000 on Form 1040 line 7 (from Schedule D line 21). Only that $3,000 is subtracted from your taxable income. The remaining $32,154 of your capital loss is carried over to 2021.