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Employee
June 13, 2020
Question

Re: Is this capital loss carry over calculation by TurboTax correct?

  • June 13, 2020
  • 1 reply
  • 0 views

Got it, thanks! Yeah that makes sense, basically the $3000 deduction is applied to the income tax liability, not to the capital gain tax liability, is that right?

    1 reply

    VolvoGirl
    Employee
    June 13, 2020

    Well the loss is deducted from your income so you get taxed on a lower amount.  There is no capital gains tax involved since you have a loss.  That's only on a net gain.