Capital Loss

[Tukaberrri]

We had a capital loss in 2018 of $2613 which was not taken but carried over to this year.

This year we have a capital loss of $1579.    After completing all sections of the turbo tax forms.  Turbo tax is carrying over $4192 to next year.  How do I get Turbo Tax to take the allowed $3000 loss this year?  We owe $0 but would like to get money back based on the $3000 capital loss.

[VolvoGirl · Accepted solution]

Was the 2613 the carryover loss from 2018 after the max 3,000 loss was used on your 2018 return?

What is the amount on 1040 line 6 for 2019?  Look over schedule D.  What seems wrong?  I can't think of anything that would prevent the loss from being taken.

Oh wait,   If you have a negative AGI or negative taxable income the loss will show up on 1040  BUT it won't reduce the carryover to the next year.

In the Online version you have to save your return with all the worksheet as a pdf file to your computer to see the Capital Loss Carry Over and Carry Forward worksheets.

In the Desktop program you can go to Forms and find it in the list in the left column.