Question
Do capital loss carryover not carried 100%??
I want to understand how capital loss carryover is calculated as the numbers on turbotax are showing something different than my understanding.
Let's say I have capital loss carryover from 2019 in the amount of $50,000. In 2020, I also have capital loss from stocks, futures, options, and cryptocurrency. The losses for stocks/options are $10,000, losses for futures/straddle are $5,000, and losses for cryptocurrency is $35,000. For the total of $50,000 capital loss in 2020. (All numbers are hypothetical)
From my understanding, capital loss carryover to 2021 should be $97,000, but turbotax shows something like $90,000 (less than $97,000). $97,000 calculation from my understanding is $50,000 (carried over from 2019) - $3,000 (capital loss used in 2020) $50,000 (capital loss from 2020) = $97,000.
Is this calculation not correct or am I missing something where not 100% of capital loss can be carried over?
Let's say I have capital loss carryover from 2019 in the amount of $50,000. In 2020, I also have capital loss from stocks, futures, options, and cryptocurrency. The losses for stocks/options are $10,000, losses for futures/straddle are $5,000, and losses for cryptocurrency is $35,000. For the total of $50,000 capital loss in 2020. (All numbers are hypothetical)
From my understanding, capital loss carryover to 2021 should be $97,000, but turbotax shows something like $90,000 (less than $97,000). $97,000 calculation from my understanding is $50,000 (carried over from 2019) - $3,000 (capital loss used in 2020) $50,000 (capital loss from 2020) = $97,000.
Is this calculation not correct or am I missing something where not 100% of capital loss can be carried over?
