Home & Business edition
Married filing separately, itemize
I removed all other income sources. $595,000 is 50% home sale gain, minus $250,000 exclusion; $345,000 is taxable gain. I have -$358,174 capital loss carry from 2023. Tax should be $0. But TurboTax says I owe $33,962.
What am I missing?
Thank you very much!
Called TurboTax support; it was a waste time. She told me I am only allowed to deduct $3000 capital loss per year.
It would be best if you could look at Schedule D.
Everything will be posted to Part II.
If you are in TurboTax Online you can see and access all forms before filling.
To do this you must pay all TurboTax fees.
Thank you for the suggestion. But, it still doesn't make sense to me:
On Schedule D
Line 7: -40,824 (short term capital gain loss carry over)
Line 10: 345,000 (correct taxable gain amount for home sale)
Line 14: -317,350 (long term capital gain loss carry over)
Line 15: 27,650 (net long term gain/loss)
Line 16: -13,174 (net of 7 and 15)
Line 21: -1,500 (enter smaller of Line 16 or -1,500)
Why do I owe 33,962 on a negative gain?
Thank you for answering.
This was primary and only home sale. No depreciation or any other special circumstances.
If you would like to send us a “diagnostic” file that has your “numbers” but not your personal information it would help. If you would like to do this, here are the instructions: (Don't forget to give us the state)
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