I have a 17,000 long term loss . I have sold a rental property with a 75,000 profit. Can I use this loss to offset some of the gain? where do i show that on my return?

[PatriciaV · Accepted solution]

Yes, a long-term capital loss will offset a long-term capital gain from the sale of business/rental property.

Enter the long-term capital loss carryover under Investment Income.

The easiest way to find this section of TurboTax is to use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "capital loss carryover", and hit Enter. The first result should be "jump to capital loss carryover". Click on this link to go directly to the input screen for this topic.