How much does it help?

Forum|Forum|4 years ago
April 14, 2022
1 reply
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If you have have -$80,000 in losses from schedule E, how would that effect your overall taxes? How is it calculated? For example, if I owe $5,000 before doing schedule E, how much would the -$80,000 loss bring it down?

ItsDeductible Online

AliciaP1

Yes, If you have other income like W-2 income, interest income, or other business income that exceeds the $80,000 loss, your total income will be reduced by the total loss. Your deductions will be calculated and your taxable income from that.

Schedule E income or losses affect your total income, not your tax due specifically. When you enter your Schedule E information TurboTax will determine your allowable loss against your income and any potential carryforward that will apply to 2022.

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