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Where do you see your full capital loss on your 2020 tax return? Look at the actual tax forms, not a summary screen in TurboTax. On what form and line do you see the full capital loss? What is the exact amount on that line? What are the exact amounts on Schedule D lines 16 and 21, and on Form 1040 line 7?
I FIND IT ON SCHEDULE D, LINE 7. IT SHOWS -36,057.
ON LINES16 IT SHOWS -35,154, AND A $3000 LOSS ON LINE 21, NOTHING IS SHOWN ON LINES 17-20
That seems right. The full amount of the capital loss is supposed to be on Schedule D. But it's not subtracting the full capital loss from your taxable income.
Schedule D line 7 is your total short-term capital loss. You must have a long-term capital gain of $903 on Schedule D line 15. Your overall net capital loss on Schedule D line 16 is -$36,057 + $903 = -$35,154. But that net capital loss does not all go to Form 1040. You should have a capital loss of -$3,000 on Form 1040 line 7 (from Schedule D line 21). Only that $3,000 is subtracted from your taxable income. The remaining $32,154 of your capital loss is carried over to 2021.
Wow, what you stated is exactly correct. But a couple more questions.
Is the $32,154 short term capital losses or long term? And, I hope to sell a piece of vacant land in California (Joshua Tree city) sometime soon. It cost me $4000 but I expect to net about $60000 from the sale. So that will be a large capital gain, correct.? If so, how much of my left over capital loss can I apply in my 2021 tax filing?
Am I limited to $3000 per year?
capital gains and losses are netted. if you end up with $3,000 or more in net capital losses up to $3,000 can be deducted ($1,500 if married filing separate). the rest carries over to 2021. see whats on form 1040 line 7
What you actually net (proceeds) from the sale doesn't matter. The gain is basically sales price - cost. Looks like the gain from the sale will use up all your Capital Loss Carryover which will reduce the taxable gain.
You get to first offset the loss against any gains you have each year so that can use more of it up. Then after applying the loss to the current gains you can take a max loss of 3,000 (1,500 MFS)per year. Turbo Tax does all the calculations for you. Just enter the prior year carryover amount. Or the carryover loss should automatically transfer into next year.
Form 1040 , Line 7 says $3000. But what about the rest of my last message? Are you able to answer that?
Sorry to have so many questions but I am still learning.
Read the new replies above your last post. We were posting at the same time.
So are you saying that if I net approx $60K from my vacant land sale, then I can apply in my 2021 tax filing ALL of my remaining capital losses (about $32K) to that net profit from the land sale, or just what I would be taxed from the land sale profit?
So are you saying that if I net approx $60K from my vacant land sale, then I can apply in my 2021 tax filing ALL of my remaining capital losses (about $32K) to that net profit from the land sale, or just what I would be taxed from the land sale profit?
Yes the taxable gain would be 60,000 - 32,000 = 28,000. You will only be taxed on the 28,000 after all the loss is applied. So you are selling it for 64,000? 64,000-4,000cost = 60,000.