MarilynG1
Employee Tax Expert

Deductions & credits

Yes, you are correct that Capital Loss can be deducted up to 3K.  If you had any Capital Gains, your loss is subtracted first from that amount.  If you had only one 1099-B with a loss, the entire amount would be deducted from your other income in calculating your tax.  

 

If this applies, it could be that your loss of $931 only reduced your total income enough to lower your tax from 2K to $1900.

 

In the side menu bar, click on TAX TOOLS > TOOLS and choose 'View Tax Summary' from the pop-up menu.   Then, on the left-side menu, choose 'Preview my 1040'.

 

Click this link for more info on How Capital Gain/Loss is Calculated. 

 

 

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