topic Tax Year Prior to 2020: How did my capital loss carried forward to 2020 end up being $15,000 more than my carryover from 2018 with no additional loss used in 2019? I thought it decreases by year in Investors & landlords

Tax Year Prior to 2020: How did my capital loss carried forward to 2020 end up being $15,000 more than my carryover from 2018 with no additional loss used in 2019? I thought it decreases by year

skybri02 — Mon, 22 May 2023 19:26:31 GMT

Re: How did my capital loss carried forward to 2020 end up being $15,000 more than my carryover f...

VictorW9 — Wed, 01 Apr 2020 00:47:56 GMT

You may not have used any of the losses for 2019 but you have added to your losses for 2019. If you made additional losses for 2019, it will then be added to the existing losses and carried over to 2020.

Re: How did my capital loss carried forward to 2020 end up being $15,000 more than my carryover f...

skybri02 — Wed, 01 Apr 2020 00:51:12 GMT

I only added about $1300 or so of losses in 2019, but I don't know what values it is getting the extra $15,000 in losses from. Any ideas where to check in the Turbotax for the $15,000 @VictorW9 ?

Re: How did my capital loss carried forward to 2020 end up being $15,000 more than my carryover f...

Critter — Wed, 01 Apr 2020 00:53:23 GMT

The program has worksheets for everything ... review them ... save the PDF with the worksheets ...

You can peek at only the Federal form 1040 and the summary of the state info by going here:

1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2) then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"

Then hit the "Back" on the left side to get back to your tax entries.

To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.

To pay the TurboTax online account fees by credit card, without completing the 2018 return at this time, click on Tax Tools >>> Tools and then Print Center. Then click on Print, save or preview this year's return. On the next page, to pay by credit card, click Continue. On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button. The next screen will ask for all your credit card information so you can pay for the account.

Re: How did my capital loss carried forward to 2020 end up being $15,000 more than my carryover from 2018 with no additional loss used in 2019? I thought it decreases by year

Carl — Wed, 01 Apr 2020 00:54:36 GMT

If the losses are for rental property reported on SCH E, that's no surprise. Especially if you had $15K of expenses or property improvements in 2019. WIth rental property, losses will practically "ALWAYS" increase with each passing year.

Re: How did my capital loss carried forward to 2020 end up being $15,000 more than my carryover f...

fanfare — Wed, 01 Apr 2020 00:54:42 GMT

Print your Schedule D and review it carefully before e-Filing.

if your carryforward is 15,000 after the $3,000 allowed deduction,

you must be reporting a net loss of $18,000.

Re: How did my capital loss carried forward to 2020 end up being $15,000 more than my carryover f...

skybri02 — Wed, 01 Apr 2020 01:02:16 GMT

@fanfare I have a feeling our primary home improvement costs for 2019 may be factoring into our business expense costs, when I thought they were considered separate. I'll check the Schedule D. Thank you!

Re: How did my capital loss carried forward to 2020 end up being $15,000 more than my carryover f...

VictorW9 — Wed, 01 Apr 2020 01:04:10 GMT

Did you sell any investment property during the year like a rental property? Capital losses arise when you make a loss on investment. Check schedule D.