TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 2

Question

Capital Gains & Losses

Forum|Forum|2 years ago
September 27, 2023
1 reply
0 views

If you have $100,000.00 in short term losses from prior years that rollovers, can you apply $120,000.00 of long term capital gains against these losses next year when you file taxes?

Ask the Experts - Extension - Sept 2023

Employee Tax Expert

Employee Tax Expert

Hello @markmoney1

Thank you for joining us today! We are so happy you are here!

You can, but there are limits. short-term losses are first deducted against short-term gains, and long-term losses are deducted against long-term gains. Net losses of either type can then be deducted against the other kind of gain.
Here is link that will show an example. TurboTax Capital Gains & Losses

Please let me know if you have any further questions, I will be happy to help.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

markmoney1Author

Level 2

Thank you for the answer.

Very much appreciated.