JulieS
Expert Alumni

Get your taxes done using TurboTax

No, you don't need to re-do your return, just check to see that the loss shows on your return.

 

The $3000 allowed amount of capital loss is a deduction, it is not a credit. That means your taxable income is $3000 less, not that you are going to get a refund of $3000.

 

As @BillM223 stated, you should see -$3000 on line 7 of your Form 1040. If the loss is there, you don't need to do anything else. 

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