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July 13, 2024
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Where do I enter capitol loss

  • July 13, 2024
  • 1 reply
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I invested $60,000.00 and I believe I can claim $3000.00, where do I enter that at?
Best answer by SteamTrain

@cvon1026 

 

You enter the investment loss that you realized in 2023, as part of your entries in the Stocks, Cryptocurrency, Bonds, Mutual funds area  on the Wages & Income page (but you have to use the "Premium" software for that when using the "Online" software.)

 

The software will first net the loss against any gains you had for 2023...and then the software will automatically use an additional $3000 subtracted against any remaining "ordinary" income you have ....interest, dividends, wages, Retirment income etc.    So you don't have to do anything special after you've entered the main loss.

___________________________

If this loss was a carryover from a previous year? in that case, you would use the "Capital Loss Carryover" selection in the Investment Income section instead.  For this situation, if you used "Online" TTX for your 2022 taxes and had the loss back then, the software would automatically include and try to use what remains of the loss, this year (As long as you are using the exact same account).   Otherwise ,you would need your tax filing documents from your 2022 file, to enter whatever carryover loss remains from 2022.

 

1 reply

SteamTrain
Employee
July 13, 2024

@cvon1026 

 

You enter the investment loss that you realized in 2023, as part of your entries in the Stocks, Cryptocurrency, Bonds, Mutual funds area  on the Wages & Income page (but you have to use the "Premium" software for that when using the "Online" software.)

 

The software will first net the loss against any gains you had for 2023...and then the software will automatically use an additional $3000 subtracted against any remaining "ordinary" income you have ....interest, dividends, wages, Retirment income etc.    So you don't have to do anything special after you've entered the main loss.

___________________________

If this loss was a carryover from a previous year? in that case, you would use the "Capital Loss Carryover" selection in the Investment Income section instead.  For this situation, if you used "Online" TTX for your 2022 taxes and had the loss back then, the software would automatically include and try to use what remains of the loss, this year (As long as you are using the exact same account).   Otherwise ,you would need your tax filing documents from your 2022 file, to enter whatever carryover loss remains from 2022.

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*