Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
theadtim
Level 1

capital loss

I completed my 2019 tax and found that turbotax used a small portion of my capital loss for 2019 and a large remainder of the loss in the capital loss Carry Over.  Why cant I use the entire loss in the current year tax 2019?

1 Best answer

Accepted Solutions
MinhT1
Expert Alumni

capital loss

If you have a capital loss carried over from previous years, you can only deduct $3,000 ($1,500 if married filing separately) of capital loss from ordinary income each year. The balance is carried over to future years.

 

Please read this TurboTax blog for more information.

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

View solution in original post

1 Reply
MinhT1
Expert Alumni

capital loss

If you have a capital loss carried over from previous years, you can only deduct $3,000 ($1,500 if married filing separately) of capital loss from ordinary income each year. The balance is carried over to future years.

 

Please read this TurboTax blog for more information.

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

View solution in original post

Privacy Settings
v