In 2018 Tax return I posted $17,991 capital loss. How to figure out carryover for 2019? Married filing jointly.
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You are only allowed to deduct up to $3,000 in capital losses per year.
You can find your loss carryover amount as follows:
If you transferred last year's TurboTax return over, you don't have to do a thing—we've already entered it for you.
Otherwise, just open your TurboTax return, search for capital loss carryover, and then select the Jump to link in the search results.
We'll take you to the screen where you can enter that info from your prior year return. Source: TurboTax FAQ
Just so I understand, if the above person has $17,000 in short term loss and there is a limit on taking $3000/ year, and this year nothing was able to be taken, can the $17,000 be carried over each year until it is used up?
Also, will Turbo Tax automatically do the calculation on next years return?
Yes, your capital losses can be carried forward indefinitely until everything is used up. You can only offset a maximum of $3,000 against capital gains in future years.
@us237183 the only way to carry over the 17000 is to have no tax.
Otherwise the carryover is used up at the rate of 3,000 per year even if you have no sales in the year.
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