The loss that TurboTax calculates likely does not reduce your adjusted gross income (AGI).
Losses from the sale or exchange of property held for personal use is not deductible. See IRS publication 544 Sale and Other Dispositions of Assets or this TurboTax Best Answer.
Personal-use property.
Loss from the sale or exchange of property held for personal use is not deductible.
You can review the 1040 in TurboTax Online by following these directions.
- Down the left side of the screen, click on Tax Tools.
- Click on Tools.
- Under Other helpful links, click on View Tax Summary.
- Down the left side of the screen, click on State Tax Summary to see the actual tax return that you prepared.
- Down the left side of the screen, click on Preview My 1040 to see the actual tax return that you prepared.
- Down the left side of the screen, click Back to return.
You may view your full tax returns prior to filing after you have paid for the software.
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