Question

Capital gains

Forum|Forum|6 years ago
March 6, 2020
1 reply
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I am getting an error message on my review "net capital losses carrying fwd cannot be greater than your taxable capital gains". They are not. They are equal to. Therefore I should not get the error. Do I ignore???

DavidS127

Review the entries for the transactions that generated capital gains and losses in 2019. You should not be reporting capital gains taxed in 2019 if you have a carryforward of net capital losses to 2020. The capital losses and net capital loss carryforward from 2018 should be used to offset any taxable gain in 2019 (plus another $3,000 of net capital loss allowed in 2019) before the carryforward to 2020 is calculated.

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