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New Member
posted Nov 27, 2019 7:41:39 PM

Re: TaxCaster How do I enter a negative number representing a LT Capital Loss? I unsuccessfully tried (-5000) without and results. Thank you.

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3 Replies
Level 15
Nov 28, 2019 4:06:20 AM

The Max net  cap loss that can be deducted on the form 1040 is $3000 after all cap gains have been covered.  I was able to enter -10K without issue in Taxcaster and it worked just fine  because you don't get to deduct it all due to the cap. 

Level 15
Nov 28, 2019 7:47:29 AM

Enter the long-term capital loss with the minus sign, but without the parentheses.

Level 15
Nov 28, 2019 8:33:53 AM

In addition to the accurate information in the posts by @Critter and @rjs, also note that the short-term gains/losses screen comes up prior to the long-term capital gains screen. 

 

If you should happen to enter a loss of $3,000 or more (e.g., $-3000) in the short-term gains/losses screen, then whatever loss you enter in the long-term gains/losses screen will have absolutely no impact.