ThomasM125
Expert Alumni

Get your taxes done using TurboTax

The bad debt loss is treated as a capital loss and is allowed against capital gains and up to $3,000 in the current year. If you have an unused loss from the previous year, TurboTax should automatically carryforward the loss from the previous year and apply it properly on your tax return in the current year.

 

You will see your allowable capital loss included with the gain or loss listed on line 7 of form 1040.

 

You can view your form 1040 while working in the online version of TurboTax by following these steps:

 

While working on your return in the Federal section of TurboTax:

 

   1.  Choose the Tax Tools icon on your left menu bar

   2.  Tools

   3.  View Tax Summary

   4.  Choose the Preview my 1040 on your left menu bar

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