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?
You'll need to sign in or create an account to connect with an expert.
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.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
TaxPayer1842
New Member
hcgma2020
Level 2
Ghost Penguin
New Member
nomad
Level 1
Gina2020
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.