This might be a carryover loss from 2018. If you have more than $3,000 in investment losses, TurboTax will use $3,000 each year until the losses are used up. Carryover losses on your investments are first used to offset the current year capital gains if any. You can deduct up to $3,000 in capital losses ($1,500 if you're married filing separately). Losses beyond that amount can be deducted on future returns as a capital loss carryover until the loss is all used up. If you transferred last year's return over, we automatically include the carryovers. For additional information, click here.

Question

If turbo tx deducted my 3000 capital loss in 2018 and also deducted the same 3000.00 capital loss again on my 2019 return is that correct?

Forum|Forum|6 years ago
February 5, 2020
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HelenC12

This might be a carryover loss from 2018. If you have more than $3,000 in investment losses, TurboTax will use $3,000 each year until the losses are used up.

Carryover losses on your investments are first used to offset the current year capital gains if any.
You can deduct up to $3,000 in capital losses ($1,500 if you're married filing separately).
Losses beyond that amount can be deducted on future returns as a capital loss carryover until the loss is all used up.
If you transferred last year's return over, we automatically include the carryovers.
For additional information, click here.

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wca769Author

i had 3638.00 in capital loss in 2018 and used 3000.00 and in 2019 turbo tax also carried 3000.00 also instead of 638.00

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DavidD66

Did you have a loss carry over from 2017? I suggest you review your 2018 return and make sure your loss was only $3,638.

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rossojm

I have a capital loss carryover from last year after having a qualified disposition of real estate. TT shows the carryover from last year but does not show any application of the carryover against 2019 ordinary taxable income after applying $3000 against capital gains. I have a large remaining balance which should be offsetting ordinary income but I can't access Schedule E. Is there an update coming on TT to fix this?

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rossojm

No- it's not the same loss again. I have over $200k loss carryover and it maxed out the $3000 capital gain but didn't use the excess carryover to offset ordinary income