If I have a capital loss of more then $3000 does turbotax is there anything specific I must do to ensure I only deduct the allowable $3000 or is this done automatically?

Forum|Forum|7 years ago
June 4, 2019
1 reply
4 views

No text available

TurboTax Premier Online

Best answer by MinhT1

If you have capital losses of more than $3,000, TurboTax will automatically deduct $3,000 from your ordinary income and carry forward the balance. You do not need to do anything.

MinhT1Answer

Level 15

If you have capital losses of more than $3,000, TurboTax will automatically deduct $3,000 from your ordinary income and carry forward the balance. You do not need to do anything.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

Jfresh20Author

Level 2

Appreciate the response, So the amount it will carry forward is automatically carried over to next year? I don't have to keep track of these numbers myself?