Capital Loss Carry Over

kc_eds · ‎June 10, 2020

I had an accountant prepare my taxes 2019.

I sold a house in 8/13/2018 for a loss of $19,050. He completed the Schedule 1 and D forms to claim the $3000 loss for 2018.

Do I enter $16,050 in the Long Term Capital Loss Carry Over in Turbo Tax 2019?

Thank you in advance.

rjs · ‎June 10, 2020

That's not necessarily the correct amount of your capital loss carryover. In the Search box in TurboTax, type "capital loss carryover" (without the quotes), then click the link that says "Jump to capital loss carryover."

The first screen asks whether you have investment losses that you couldn't claim in 2018. Click Yes.

The next screen asks whether you know your capital loss carryover amounts. Select "No, I need help figuring out my capital loss carryover amounts." Then click Continue.

TurboTax will then ask you to enter the information from your 2018 tax return that is needed to calculate the correct capital loss carryover.

I hope that the house you sold was an investment, not your personal home. You cannot claim a loss on your personal home.

View solution in original post

Carl · ‎June 10, 2020

Was the home you sold a rental property? This matters, because losses on the sale of personal property are not deductible, and never have been. I suspect it is a rental property. But you need to confirm it so we both know for an absolute fact that your accountant did not deduct a loss you are not allowed to take.

kc_eds · ‎June 11, 2020

Champ,

Thank you for your reply.

The property was not my primary home.

I knew my carryover amount which I entered in the long-term line.

Thanks again,

Ed

Capital Loss Carry Over

Deductions & credits

Deductions & credits

Deductions & credits