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M
mizrahi-gabriel
November 30, 2020
Question

I have a capital loss in 2020. would like to offset my capital gains from my 2019 return. How do I enter that info in my amended 2019 turbo tax home and business?

  • November 30, 2020
  • 1 reply
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1 reply

VolvoGirl
VolvoGirl
Employee
December 1, 2020

Huh?  You can only carry FORWARD capital losses.  You can't go back and apply 2020 losses to 2019 gains.  

VolvoGirl
VolvoGirl
Employee
December 1, 2020

Or do you have a business NOL? I don't know how those work.  I believe you can carry it back a couple years.  

A
Anonymous
December 1, 2020

there is a carryback election for net section 1256 capital losses (regulated futures contracts reported on form 6781). other capital losses do not qualify. under the CARES AcT a 2019 NOL must be carried back 5 years. 

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