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capital loss

Forum|Forum|6 years ago
January 28, 2020
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I completed my 2019 tax and found that turbotax used a small portion of my capital loss for 2019 and a large remainder of the loss in the capital loss Carry Over. Why cant I use the entire loss in the current year tax 2019?

Best answer by MinhT1

If you have a capital loss carried over from previous years, you can only deduct $3,000 ($1,500 if married filing separately) of capital loss from ordinary income each year. The balance is carried over to future years.

Please read this TurboTax blog for more information.

M

MinhT1Answer

If you have a capital loss carried over from previous years, you can only deduct $3,000 ($1,500 if married filing separately) of capital loss from ordinary income each year. The balance is carried over to future years.

Please read this TurboTax blog for more information.

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