topic Re: How do I apply tax loss harvesting with turbo online? in Get your taxes done using TurboTax

How do I apply tax loss harvesting with turbo online?

dl7e09 — Tue, 24 Feb 2026 07:54:21 GMT

Hello, if I want to tax loss harvest using Turbo Tax online, can I just import the brokerage information and Turbo Tax will automatically apply my tax loss harvest or I will have to do the calculation and apply it manually?

For example, I have a harvest a capital loss by selling an investment with a cost basis of $30,000 when the price drops to $25,000. If I enter my connect Turbo Tax to my fidelity account, will Turbo Tax use information from my annual 1099 to calculate the tax loss harvest resulting capital loss of $5,000 (cost basis of $30,000 minus sale price of $25,000) to offset the same amount of capital gains, they could lower this year’s tax bill by $750.

Or am I expected to do the calculation?

Re: How do I apply tax loss harvesting with turbo online?

Anonymous_ — Thu, 05 Oct 2023 13:50:31 GMT

In the scenario you described, TurboTax will do the requisite calculations.

Re: How do I apply tax loss harvesting with turbo online?

fanfare — Thu, 05 Oct 2023 14:12:13 GMT

your broker reports your gain/loss transactions on consolidated 1099-B.

TurboTax just loads in that information.

A loss must be taken at least two business days before year end. Otherwise it will apply to next year.

@dl7e09

Re: How do I apply tax loss harvesting with turbo online?

Anonymous_ — Thu, 05 Oct 2023 14:52:57 GMT

@fanfare wrote:
A loss must be taken at least two business days before year end. Otherwise it will apply to next year.

It's the trade date that is relevant, not the settlement date.

Re: How do I apply tax loss harvesting with turbo online?

Mike9241 — Thu, 05 Oct 2023 15:36:18 GMT

also be vary of wash sales. the acquisition of substantially identical securities (SIS) 30 days before or after the date of sale of securities at a loss. a wash sale can even occur if the acquisition occurs in the following year. a wash sale means the loss will be denied until the SIS are disposed of and not reacquired in the 61 day window,