JohnB5677
Expert Alumni

Get your taxes done using TurboTax

Since you sold the property the entire passive loss should have flowed into your 2020 tax return, so I expect this was a carryover Capital Loss.

 

To correct Capital Loss Carryover:

  1. Wages & Income

  2. Scroll to Investment income

  3. Select Capital loss Carryover

  4. Make your corrections

You are allowed a maximum capital loss in any one year of $3,000, and any excess loss can be carried forward to future years to offset gains. Each subsequent year also has a maximum loss limitation of $3,000.

 

There is no limit to the number of years you can carry a capital loss forward. However, you are not allowed to carry a capital loss back to a year before the capital loss occurred.

 

 

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