topic If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital loss again on my 2019 return is that correct? in Investors & landlords

If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital loss again on my 2019 return is that correct?

Bill-A1 — Wed, 05 Feb 2020 19:01:19 GMT

Re: If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital ...

HelenC12 — Wed, 05 Feb 2020 19:21:49 GMT

This might be a carryover loss from 2018. If you have more than $3,000 in investment losses, TurboTax will use $3,000 each year until the losses are used up.

Carryover losses on your investments are first used to offset the current year capital gains if any.
You can deduct up to $3,000 in capital losses ($1,500 if you're married filing separately).
Losses beyond that amount can be deducted on future returns as a capital loss carryover until the loss is all used up.
If you transferred last year's return over, we automatically include the carryovers.
For additional information, click here.

Re: If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital ...

Bill-A1 — Thu, 06 Feb 2020 00:33:02 GMT

i had 3638.00 in capital loss in 2018 and used 3000.00 and in 2019 turbo tax also carried 3000.00 also instead of 638.00

Re: If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital ...

DavidD66 — Thu, 06 Feb 2020 01:01:38 GMT

Did you have a loss carry over from 2017? I suggest you review your 2018 return and make sure your loss was only $3,638.

Re: If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital ...

Carl — Thu, 06 Feb 2020 03:01:59 GMT

make sure your loss was only $3,638.

Just to clarify. On your 2018 return the loss would have been $6,638 with a $3,636 loss carryover to 2019.

Re: If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital ...

Critter — Thu, 06 Feb 2020 03:04:13 GMT

One other option is that you could not use the loss on the 2018 return so it is allowed to be carried forward to 2019 ... please review the 2018 carryover worksheet to see how this is being calculated.

Re: If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital loss again on my 2019 return is that correct?

rossojm — Thu, 06 Feb 2020 15:43:10 GMT

I have a capital loss carryover from last year after having a qualified disposition of real estate. TT shows the carryover from last year but does not show any application of the carryover against 2019 ordinary taxable income after applying $3000 against capital gains. I have a large remaining balance which should be offsetting ordinary income but I can't access Schedule E. Is there an update coming on TT to fix this?

Re: If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital loss again on my 2019 return is that correct?

rossojm — Thu, 06 Feb 2020 15:45:13 GMT

No- it's not the same loss again. I have over $200k loss carryover and it maxed out the $3000 capital gain but didn't use the excess carryover to offset ordinary income

Re: If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital ...

rossojm — Thu, 06 Feb 2020 15:48:15 GMT

no- I understand this passive loss carryover is supposed to go against ordinary income after first offsetting any capital gain. At this rate I will never use up the carryover and TT applied the excess last year to my ordinary income but is not doing this year.

Re: If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital ...

rossojm — Thu, 06 Feb 2020 15:53:10 GMT

This is a qualifying disposition resulting from suspended losses under paragraph 469g. Losses are supposed to be offset against capital gains first, the against ordinary income, but TT is not doing it. Schedule E is not being used by TT- is there an updatecoming?

Re: If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital ...

rossojm — Thu, 06 Feb 2020 15:53:45 GMT

This is not correct!

Re: If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital ...

Jmichaelrosso — Thu, 06 Feb 2020 17:06:46 GMT

I need to talk to someone. I have a carryover loss that should be offset against taxable ordinary income but TT is not doing it. Even the TT advisor in writing I can offset this carryover loss vs ordinary income but it is only offsetting $3000 of the loss vs capital gains only. Please call [phone number removed]

Re: If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital ...

Critter — Thu, 06 Feb 2020 18:12:34 GMT

Contact TurboTax support and speak directly with a TurboTax support agent concerning this situation.

See this TurboTax support FAQ for a contact link and hours of operation -https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number

Re: If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital ...

Bill-A1 — Sat, 08 Feb 2020 03:34:18 GMT

No loss in 2017

3638.00 in 18

so turbo tax used 3000 in 2018

and should have only used 638.00 in 2019 but used 3000 again

Re: If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital ...

LindaB1993 — Sun, 09 Feb 2020 23:12:27 GMT

It seems there are a couple of different tax scenarios that will affect the amount that is deducted:

If you are certain the original deduction originated on 2017, then the carryover amount to 2018 may have been $6638
If it is only a total loss in 2017 of $6638, then you are correct that 2019 would only have $638 remaining as the carryover loss from 2018.
However, if you have other capital losses in 2019, then the maximum capital loss deduction of $3000 may have been met.(which includes the $638 carryover form 2017).

The following is in reference to the Section 469.

Disposing of a passive activity allows suspended passive losses to be deducted

When a taxpayer disposes of the entire interest in a passive activity, that activity is no longer subject to the passive activity rules.
If the activity is disposed of in a fully taxable (as opposed to tax-deferred) transaction to an unrelated party, both current and suspended passive activity losses generated by that activity (as well as any loss on the disposition) can be deducted (Sec. 469(g)(1)).

Re: If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital ...

Critter — Sun, 09 Feb 2020 23:24:53 GMT

Ok ... look at the 2018 return ... on the 1040 there may have been -3000 but was it really used ? The cap loss cannot create or add to an NOL so it is possible that it really wasn't used ... again review all the forms AND worksheets to what happened.

Re: If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital ...

Bill-A1 — Sun, 09 Feb 2020 23:53:49 GMT

It was used in 18 and 19 but the 25700 standard deduction was more than total income before social security

Re: If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital ...

Critter — Mon, 10 Feb 2020 00:13:25 GMT

And voila ... if you read the carryover worksheet this fact would be obvious ... when the loss cannot be used it is carried forward in whole ... one of the nicer rules.