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Hello! TurboTax seems to be deducting my TOTAL capital losses from my federal tax dues. I thought this loss was capped at -$3000? Why does it keep deducting?
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There is no limit on the amount of capital losses that can be used to offset capital gains in the same tax year. Once the capital gains are totally offset, only an additional $3000 of can be claimed as a loss and the balance is carried forward to the next tax year. Does this explain why more capital losses are being deducted than you expected?
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