Capital Gains/Loss Confusion

Forum|Forum|2 years ago
February 7, 2024
1 reply
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So I lost a good amount this year. My questions is why did turbo tax only harvest $800 instead of the whole $3000 maximum? Yes I am married, filing jointly - and I have a carry over of 24K for the next year. Thanks in advance for any info!

ThomasM125

A net capital loss is allowed up to $3,000 per year. However, you did not state what kind of loss you have. A Net Operating Loss is allowed up to 80% of your taxable income. A Qualified Business Income loss is only allowed against business income. Are you sure you are dealing with a capital loss? Such a loss is normally generated from the sale of investments, like stocks and bonds.

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wolfsisAuthor

Thank you for your reply! Yes I am referring to a capital loss which I stated in the actual subject line, but not the message. Good to know for future posts, this is my first one. All stocks.