If you have an overall net capital loss for the year, you can deduct up to $3,000 of that loss against other kinds of income, including your salary and interest income.
Capital gains, losses, and 1099-B forms are all entered in the same place:
- Open or continue your return in TurboTax.
- Search for investment sales and then select the Jump to link in the search results.
- Answer Yes to the question Did you have investment income in 2023?
- If you land on the Your investments and savings screen, select Add investments.
- Follow the instructions and we'll calculate the gain or loss from the sale.
Your total capital gains for the year minus your total capital losses result in a net gain or a net loss.
You can deduct a net loss of up to $3,000 ($1,500 if married filing separately). Any capital loss you couldn't deduct this year can be carried forward and deducted on future tax returns as a capital loss carryover.
TurboTax FAQ: Where do I enter capital gain or loss?
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