Yes, you can deduct your auto expenses against your business or supplemental income Follow these steps to enter your vehicle expenses in TurboTax:
- Select "Business" at the top of the screen.
- Choose "Continue", then "I'll choose what I work on"
- Select "Start" next to "Business Income and Expenses"
- Select "Edit" next to your business name.
- Scroll down to Business Expenses.
- Now select "Start" next to "Business Vehicle Expense"
- You can choose standard mileage or actual expenses methods,
To enter a capital loss in TurboTax Online:
- Continue your return in TurboTax Online. ...
- Click Tax Tools (lower left side of the screen).
- Click Tools.
- In the pop-up window, select Topic Search.
- In the I'm looking for: box type, the capital.
- In the results box, scroll down and highlight capital loss, then click GO.
What is a capital asset, and how much tax do you have to pay when you sell one at a profit? Find out how to report your capital gains and losses on your tax return.
A capital loss is a loss on the sale of a capital asset such as a stock, bond, mutual fund or real estate. As with capital gains, capital losses are divided by the calendar into short- and long-term losses.
You can deduct capital losses.
But there are limits. Losses on your investments are first used to offset capital gains of the same type. So, short-term losses are first deducted against short-term gains, and long-term losses are deducted against long-term gains. Net losses of either type can then be deducted against the other kind of gain.
- If you have $2,000 of short-term loss and only $1,000 of short-term gain, the net $1,000 short-term loss can be deducted against your net long-term gain (assuming you have one).
- If you have an overall net capital loss for the year, you can deduct up to $3,000 of that loss against other kinds of income, including your salary and interest income.
- Any excess net capital loss can be carried over to subsequent years to be deducted against capital gains and against up to $3,000 of other kinds of income.
- If you use married filing separate filing status, however, the annual net capital loss deduction limit is only $1,500.