Can a real estate loss from a sale in 2015 be carried over to 20016 with different property?

[Critter]

The loss should have been reported on the 2015 return and any capital loss not used would be carried forward automatically ... review your 2015 return & the Sch D.

[Hal_Al · Accepted solution]

Yes, but not exactly. You must use as much of the loss, as possible, on your 2015 return, Only the excess, is carried forward to 2016.

Any capital loss realized in 2015 is first applied (used) against any 2015 capital gains (long term or short term, including capital gains distributions). Any excess, up to $3000, is deducted from other income and any excess, over that $3000, is carried forward to next year.

If your income was so low, in 2015, that your calculated tax was 0, see https://ttlc.intuit.com/questions/2566411-do-i-have-to-use-a-capital-loss-carryforward-even-if-i-hav...  for further explanation. TurboTax can still handle it and the the carry over should be automatic.

[Joyoneill]

My 2015 return does not have a schedule D or a 4797. Do I need to amend the 2015 return then procede?

[Hal_Al]

No, you do not have to amend your 2015 return. But:
1. I will most likely be to your benefit to do so
2. Even if you do not amend, you must adjust your capital loss carry forward to account for how much would have been used on your 2015 return

[Joyoneill]

Is this something Turbo tax will assist me with? I used Turbo for my 2015 return too. Thank you for your help!

[Hal_Al]

Yes.
How to amend <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed"...>

[Joyoneill]

Ok I'll work on the amended return first then pick up where I left off on the 2016.