Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
nature32134
New Member

Can I offset my games with my losses and carry over the rest

 
1 Reply
TomK
Expert Alumni

Can I offset my games with my losses and carry over the rest

If your investments end up losing money, rather than generating capital gains, you can use those losses to reduce your taxes. The IRS allows you to match up your gains and losses for any given year to determine your "net" capital gain or loss. If you end up with a net loss, you can use up to $3,000 per year to reduce your taxable income. Any additional losses can be carried-forward into future years, to offset either capital gains or another $3,000 in ordinary income.

Enter your 1099-B information and the program will calculate any gains or losses and offset them as appropriate.

Please read the TurboTax FAQ for more information about: "Where do I enter a capital gain or loss?": Where do I enter a capital gain or loss?

Please read the TurboTax FAQ for more information about: "What is a capital loss carryover?": What is a capital loss carryover?

Capital Gains & Losses: https://turbotax.intuit.com/tax-tips/investments-and-taxes/capital-gains-and-losses/L7GF1ouP8

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.62m
Discussions

Manage cookies
v