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Level 1
posted Jun 13, 2020 1:20:00 PM

Re: Is this capital loss carry over calculation by TurboTax correct?

Got it, thanks! Yeah that makes sense, basically the $3000 deduction is applied to the income tax liability, not to the capital gain tax liability, is that right?

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1 Replies
Level 15
Jun 13, 2020 1:27:54 PM

Well the loss is deducted from your income so you get taxed on a lower amount.  There is no capital gains tax involved since you have a loss.  That's only on a net gain.