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Self-employed income income listed. Need Auto expense listed forSupplemental income?

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Self-employed income income listed. Need Auto expense listed forSupplemental income?

Yes, you can deduct your auto expenses against your business or supplemental income  Follow these steps to enter your vehicle expenses in TurboTax:

  1. Select "Business" at the top of the screen.
  2. Choose "Continue", then "I'll choose what I work on"
  3. Select "Start" next to "Business Income and Expenses"
  4. Select "Edit" next to your business name.
  5. Scroll down to Business Expenses.
  6. Now select "Start" next to "Business Vehicle Expense"
  7. You can choose standard mileage or actual expenses methods,   

Self-employed income income listed. Need Auto expense listed forSupplemental income?

Have loss carry-forward Short-term and long-term Where do I put that

Cynthiad66
Expert Alumni

Self-employed income income listed. Need Auto expense listed forSupplemental income?

 

To enter a capital loss in TurboTax Online:

  1. Continue your return in TurboTax Online. ...
  2. Click Tax Tools (lower left side of the screen).
  3. Click Tools.
  4. In the pop-up window, select Topic Search.
  5. In the I'm looking for: box type, the capital.
  6. In the results box, scroll down and highlight capital loss, then click GO.
  7.  

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.

For example,

  • 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.
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