I inherited a property in 2017 and took a loss on it. Every year I have been deducting $3K as a long term carry over loss. Turbo tax made it easy to add it in and it reduced my income. Now this year I get this in TT 2024:
Does not give me the -$3000 long term carry over for 2024. BUT I was playing around with it and if I put -$3000 instead of $0 in the net short term column ( Line7 ) in the above pic it DOES work. Says your carryover loss for 2024 is 3K and everything is cool. But of course "technically" I am carrying over a long term carry over loss and not a short term loss (line 7) so not really accurate.
I am hearing that TT has an error with this long term carry over. So what's the workaround if any? Should I just toss in the $3K above under net short term? It does work but I am not sure why.
Thanks for your time!
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The screen you are showing is not where a carryover loss should be entered. This screen is bringing in values directly from what was reported on your 2023 tax return. If you used TurboTax for your 2023 tax return, this screen should be accurate and should only be changed if it does not match your actual 2023 tax return when you look at those forms as they were filed. Making changes on this screen could cause your return to be incorrect.
The carryover amount will be considered a bit further in the process after the 2023 reported amounts have been verified to be correct.
Hi Thank you for replying. Appreciate it. I have figured out that essentially the following are missing in 2024 . These are important because they allow me to quickly add my $3K long term loss carry over and it updates the proper forms Schedule D etc. I am done.
BUT that is missing this year. It defaults to the screen in my original message. And even when Lines 15, 21, 7 etc are inputted correctly from 2023 it doesn't take into account the carry over. Those two screens ARE significant.
Thank you!
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