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Level 1
posted Jan 28, 2020 11:50:45 AM

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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1 Best answer
Expert Alumni
Jan 28, 2020 12:10:55 PM

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.

1 Replies
Expert Alumni
Jan 28, 2020 12:10:55 PM

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.