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sewing122
Level 1

My capital gains are not included in my AGI...WHY?

 
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Accepted Solutions
Anonymous
Not applicable

My capital gains are not included in my AGI...WHY?

short term loss carryovers are first netted against current year net short term capital gains (if current year short term losses they get added) .   so you end up with a net short term amount.   the same is true of long term loss carryovers so you end up with a net long term amount.   .  if either of these are losses they get netted against each other.  if the result is a net loss - line 16 of schedule D - only a maximum of $3,000 can be deducted in the current year.  the remainder gets carried forward to 2019. - schedule 1 line 13

 

so with 65K of loss carryovers and 27K of current year gains the net is a loss of 38K  of which 3k gets deducted and 35k gets carried over.   

 

 

in TT there should be a worksheet showing the carryover to 2019.  if you use TT for 2019 return and transferring data, the carryover will be included.     note transferring of prior year data must be done as the first step in preparing your 2019 return  

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5 Replies
Critter
Level 15

My capital gains are not included in my AGI...WHY?

Cap gains are reported on the 8949, 4797 or several other forms then consolidated on the Sch D before the net of losses to gains are carried to the Sch 1 and then to the 1040.   Track down the reported income ... post back if you don't understand by listing which line on which form is confusing to you.   

Critter
Level 15

My capital gains are not included in my AGI...WHY?

And if this is for the 2019 return where the program is FAR from fully functional then you may need to wait until the program is updated several times ... the program is usually not ready until sometime in January or early February depending on the IRS delays.  

sewing122
Level 1

My capital gains are not included in my AGI...WHY?

More info..on 2018 return have 27k long term cap gains that is not included in AGI. Have short term carry over losses of 65k. It appears that my LT cap gains are offset by these ST losses. Also had LT losses but hose have been depleted to LT 3k. Have looked up how AGI is calculated and never anything about excluding cap gains. So confused.... thanks for insights

Anonymous
Not applicable

My capital gains are not included in my AGI...WHY?

short term loss carryovers are first netted against current year net short term capital gains (if current year short term losses they get added) .   so you end up with a net short term amount.   the same is true of long term loss carryovers so you end up with a net long term amount.   .  if either of these are losses they get netted against each other.  if the result is a net loss - line 16 of schedule D - only a maximum of $3,000 can be deducted in the current year.  the remainder gets carried forward to 2019. - schedule 1 line 13

 

so with 65K of loss carryovers and 27K of current year gains the net is a loss of 38K  of which 3k gets deducted and 35k gets carried over.   

 

 

in TT there should be a worksheet showing the carryover to 2019.  if you use TT for 2019 return and transferring data, the carryover will be included.     note transferring of prior year data must be done as the first step in preparing your 2019 return  

View solution in original post

sewing122
Level 1

My capital gains are not included in my AGI...WHY?

Excellant!. Thanks much.

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