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Not sure if Turbotax deducted my long term loss correctly
I had $19K of short term gains from selling stocks in 2020. I sold a long term bond in 2020 that I've owned for 7 years, at a $13K loss. The bond is a municipal Puerto Rico bond which I bought for $15K and sold for $2K. I was expecting Turbotax to let me deduct just $3K of the loss and carryover the rest to next year. The software actually deducted the whole $13K loss so I'm only showing a $6K gain of investment income. I'm okay with this, but I need to know if it's accurate. I do have carryover loss from prior years that was not deducted, but held for next year. Is this a software glitch or is this correct?
‎January 28, 2021
7:33 PM