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March 17, 2023
Question

Are real estate eligible for capital gains deduction?

  • March 17, 2023
  • 1 reply
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When I sell real estate, I get capital gain. Can I deduct capital gain from my previous year's capital loss?

    1 reply

    TurboTaxSusan
    March 22, 2023

    Yes, you can use your capital loss carried forward from last year.

     

    If you want to use or carry forward your unused capital loss from 2021 in TurboTax Online, please do the following:

    1. Use the Find tool (magnifying glass) and enter “losses” in the search bar
    2. Select Losses from the search results, then Go
    3. Check off the Net Capital Loss Carry Forward box
    4. Click Continue until you reach the “Net Capital Loss Carry Forwards” screen

     

     

    In the first part of the Net Capital Loss Carry Forwards section, it asks you for the unused losses from previous years, then on the next page it will ask you how much of those losses you want to use on your 2022 return. If you can't use the losses in 2022, just leave the amount as zero, and the losses will carry forward indefinitely.