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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?

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MinhT1
Employee Tax Expert

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.

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1 Reply
MinhT1
Employee Tax Expert

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"
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