The totals and amounts are correct, it's just that TT seems to be applying the $3k carry forward loss amount from my short-term carry forward balance (Line 7 on Sched D) as opposed to the long-term capital loss carry forward (Line 15 on Sched D). I'd rather us the long term first. I can white it out, but I'd rather change it on the actual form.
You'll need to sign in or create an account to connect with an expert.
It is required to use the short-term losses first.
From Publication 550:
Use short-term losses first.
When you figure your capital loss carryover, use your short-term capital losses first, even if you incurred them after a long-term capital loss. If you have not reached the limit on the capital loss deduction after using the short-term capital losses, use the long-term capital losses until you reach the limit.
https://www.irs.gov/publications/p550#en_US_2017_publink100010734
Please see TaxGuyBill's answer below.
Edited 04/15/2019 | 3:17 PM
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Larry T
New Member
jgs1947
Level 2
Mwags300
New Member
GayleS03
Level 3
mahe-thina
New Member