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catogris
June 4, 2019
Question

Have a Long Term Capital Loss of 3891 from 2015. When I enter it into the work sheet it only appears as -3 in the Capital Loss Carryover Summary. What am I doing wrong?

  • June 4, 2019
  • 1 reply
  • 0 views

I have a Long Term Capital Loss of 3891 carryover from 2015. When I enter it into the Capital Loss Carryover from 2015 work sheet it appears in the totals column but it only appears as -3 under loss in the Capital Loss Carryover Summary.  Only 3 dollars is being deducted from the Capital Gains.  

In the 2016 Income Summary Capital Loss Carry Over shows 0.

What am I doing wrong?

1 reply

MichaelL1
MichaelL1
Employee
June 4, 2019

That -$3 is before the Capital Loss carryover is applied.  

You have $6995 in capital gains and -$3 in losses for $6992 in net capital gains for 2016.

Then go to line 13 of the Form 1040 and it should be $6,992 less $3,891 for $3,101 that you are being taxed on for 2016. 

Go to the Forms mode in the upper right, then click on the Form 1040 in the left side and look at line 13.  

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