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Where in TT do I report a carryover loss that is over $100,000. It was not sold via an installment process.

Can I claim a carryover of $3,000>
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Where in TT do I report a carryover loss that is over $100,000. It was not sold via an installment process.

When did the loss start?  Have you been carrying it forward every year so you know the right carry over amount?

 

If you have investment sale losses, after you subtract the losses from your gains you can only deduct up to 3,000 (1,500 MFS) per year. The rest you will have to carryover until it is used up.  You can't skip a year.

 

If it didn’t transfer over from last year then
Enter a Capital Loss Carryover under

Federal Taxes or Personal (Home & Business)

Wages and Income

Then scroll down to Investment Income

Capital Loss Carryovers - Click Start or Revisit

If you use Turbo Tax next year the Capital Loss Carryover will transfer over. Or you will have to manually enter the amount.


Schedule D doesn't actually show the carryover amount. To find your Capital Loss Carryover amount you need to look at your return schedule D page 2. Line 16 will be your total loss and line 21 should be a max loss of 3,000. The difference between line 16 and 21 is the carryover loss.

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