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troywyatt2068
New Member

Can I deduct a long term capital loss? I am using the self employed turbo software? Thank you.

 
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SeanE1
New Member

Can I deduct a long term capital loss? I am using the self employed turbo software? Thank you.

You are not required to report a long-term capital loss (LTCL) on your income taxes. However, you would want to claim a (LTCL) if you had other capital gains to offset or just had the loss itself.  You may claim up to $1,500 (Single) in capital losses or $3,000 (Married Filing Jointly) in capital losses which reduces your taxable income. If your LTCL is greater than this, the excess can be carried forward and used in future years. I have included a LINK below that will give you more information if you are interested.

https://www.irs.gov/uac/ten-important-facts-about-capital-gains-and-losses 

You can report your capital loss using Turbotax Self-Employed.  Just open your tax return and select Federal Taxes at the top of your screen.

• From here click the blue Add More Income button and select See list of all income

• Scroll down to Investment Income and select Start to the right of Stocks, Mutual Funds, Bonds and Other

• Input your capital sales transaction(s).


View solution in original post

1 Reply
SeanE1
New Member

Can I deduct a long term capital loss? I am using the self employed turbo software? Thank you.

You are not required to report a long-term capital loss (LTCL) on your income taxes. However, you would want to claim a (LTCL) if you had other capital gains to offset or just had the loss itself.  You may claim up to $1,500 (Single) in capital losses or $3,000 (Married Filing Jointly) in capital losses which reduces your taxable income. If your LTCL is greater than this, the excess can be carried forward and used in future years. I have included a LINK below that will give you more information if you are interested.

https://www.irs.gov/uac/ten-important-facts-about-capital-gains-and-losses 

You can report your capital loss using Turbotax Self-Employed.  Just open your tax return and select Federal Taxes at the top of your screen.

• From here click the blue Add More Income button and select See list of all income

• Scroll down to Investment Income and select Start to the right of Stocks, Mutual Funds, Bonds and Other

• Input your capital sales transaction(s).


View solution in original post

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