Hi I tried day trading this year for the first time and not sure how to use the loss deductions.
If I have 10k short term capital gains and 15k capital losses at the end of the year how do the taxes work?
its showing a net of -5k , I know I can only claim up to -3k deduction. so do i claim a -3k deduction and roll the other -2k to next year or do i subtract the -3k deduction from the 10k gain and pay taxes on the 7k?
As of TurboTAX 2016 you may now enter grand subtotals for Box D transactions on Line 8a of Schedule D, and grand subtotals for Box A transactions on Line 1a of Schedule D instead of typing in all the transactions.
After "did you get a 1099-B or brokerage statement?" click YES
Under "Tell us about your XYZ 1099-B"
For Long Term, Put Box D in the Sale category pulldown.
Enter the Total Proceeds and the Total cost basis for that Category.