Investors & landlords

@Ray75 , @Fearless1  and others

 

FYI I got online with a support specialist. It looks like it's actually working, but the display of the numbers are unintuitive.

 

The "capital loss carryover" column is showing how much you'll have leftover for next year. Meaning the 2019 column shows your remaining loss usable in 2020 taxes. I'd suggest to the product people that this row should be called "capital loss carryover used" instead, and the columns should match the year it's used in.

 

You can validate that the loss is being accounted for if you look at Tax Tools>Tools>View Tax Summary. Add up your income and subtract the loss you expect, and that calculation should match the Total income field.

 

The most strange thing to me is that my tax owed never changed after "editing" the capital loss carryover item. I think this is because Turbotax had already calculated and applied this value even before entering any data for this year.

 

Hope this helps.