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I have dividends of $1220 and capital loss of $2000. How do I get credit for the loss?
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June 3, 2019
10:40 AM
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Investors & landlords
TurboTax will calculate the amount of capital loss that can be used against ordinary income (up to $3,000 per year).
First you will use the capital loss to offset capital gains. Then you will be allowed to offset capital losses against ordinary income up to $3,000 per year. The remaining unused capital losses will be carried over to future years until it is all used.
June 3, 2019
10:40 AM
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Investors & landlords
A net capital loss goes on line 13 of form 1040 where it is deducted against all other income. A capital loss is first deducted from any capital gains, including capital gains distributions, on schedule D before going to line 13 of form 1040. At no point are capital losses deducted directly from dividend income
June 3, 2019
10:40 AM