I sold long-term stock this year and realized a gain of 37K. I have 9K of carryforward loss. Should I net both to realize a gain of 28K?
1099-R did not show any dollars in gain.
02526
2 Replies
Bsch4477
Level 15
Feb 10, 2024 1:20:11 PM
When you enter your stock transaction TurboTax will do the calculation for you, subtracting your carry over loss from your gain.
DianeW777
Expert Alumni
Feb 10, 2024 1:20:54 PM
Yes. The carryover loss will be used to offset the gain of your current year sale. If your capital loss did not carryover with your last year's information use the instructions in the link.