Question

I have a capital loss so shouldn’t I be receiving the $3000 for refund?

Forum|Forum|7 years ago
June 6, 2019
1 reply
0 views

My capital loss is more than $3000. In my refund review I’m getting lesser than $3000. Do I have to wait until next year to receive the $3000?

TurboTax Premier iOS

Z

Zbucklyo

Employee

You are misunderstanding how the capital loss affects your taxes. You do not get a credit for $3,000 against your taxes - instead your taxable income is reduced by $3,000. How that impacts your ultimate tax liability depends on many things, including your income and deductions.