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paulm1948
New Member

Can I deduct both the maximum capital loss carryover from 2016 and a capital loss generated in 2017 on my 2017 taxes?

 
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KatherineC
New Member

Can I deduct both the maximum capital loss carryover from 2016 and a capital loss generated in 2017 on my 2017 taxes?

Yes, you can deduct both if the total loss is $3000 or less.

Capital losses are limited on Schedule D of your Form 1040. You can deduct $3000 per year on your return (if you are married filing separately you are limited to $1500). If you have a combined capital loss that is greater than $3000, the excess loss will be carried over to 2018.

You will find your net Capital Gain/Loss on Line 13 of your Form 1040.  You can take a look at your Form 1040 by following the instructions below:

  • After you log into your TurboTax return, continue your return
  • Click on Tax Tools in the column on the left side (See screenshot 1)
  • Click on Tools.
  • Then Click on View Tax Summary (See screenshot 2)
  • Click on Preview my 1040 in the column on the left (See screenshot 3)
  • Your capital loss will be reported on line 13 of Form 1040

For further information please click here 


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1 Reply
KatherineC
New Member

Can I deduct both the maximum capital loss carryover from 2016 and a capital loss generated in 2017 on my 2017 taxes?

Yes, you can deduct both if the total loss is $3000 or less.

Capital losses are limited on Schedule D of your Form 1040. You can deduct $3000 per year on your return (if you are married filing separately you are limited to $1500). If you have a combined capital loss that is greater than $3000, the excess loss will be carried over to 2018.

You will find your net Capital Gain/Loss on Line 13 of your Form 1040.  You can take a look at your Form 1040 by following the instructions below:

  • After you log into your TurboTax return, continue your return
  • Click on Tax Tools in the column on the left side (See screenshot 1)
  • Click on Tools.
  • Then Click on View Tax Summary (See screenshot 2)
  • Click on Preview my 1040 in the column on the left (See screenshot 3)
  • Your capital loss will be reported on line 13 of Form 1040

For further information please click here 


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