You are only allowed to deduct up to $3,000 in capital losses per year.
You can find your loss carryover amount as follows:
- Look on last year's Schedule D, specifically lines 16 and 21.
- If the line 16 loss amount is greater than the number shown on line 21 (pretend they're both positive numbers), you should be getting a capital loss carryover on this year's return.
If you transferred last year's TurboTax return over, you don't have to do a thing—we've already entered it for you.
Otherwise, just open your TurboTax return, search for capital loss carryover, and then select the Jump to link in the search results.
We'll take you to the screen where you can enter that info from your prior year return. Source: TurboTax FAQ
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