turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

we943
New Member

Tax Year Prior to 2020: You have not asked us the "long-term capital loss carryover amount and better carryover every year deduct $3000. that item?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

Tax Year Prior to 2020: You have not asked us the "long-term capital loss carryover amount and better carryover every year deduct $3000. that item?

Here is how to get there: While inside the software and working on your return, type carryover in the Search at the top of the screen (you may see a magnifying glass there).  There will be a popup that says Jump to carryover.  Select that to get to the general area.  

Here's how capital losses work:  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 the net gain is short-term, then you pay short-term capital gains rates.  If the net gain is long-term, you pay long-term capital gains on that net.

If someone had an overall net capital loss for the year, they can deduct up to $3,000 of that loss against other kinds of income, including your salary and interest income. The remainder will carry forward to future years.

More information on capital gains/losses can be found at this link Capital Gains and Losses .


message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies