Question

What is the Capital Loss Carryover. I have no ide where this came from in my return and I can not delete it.

Forum|Forum|5 years ago
February 24, 2021
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TurboTax Self Employed Online

When you sell a capital asset, the difference between its cost basis and the selling price results in a capital gain or loss. If you have a net capital loss, you're allowed to deduct up to $3,000 ($1,500 if married filing separately) per year as a capital loss. If your net capital loss is more than the yearly limit, you can carry the loss to next year's return as a capital loss carryover.

If you transferred last year's return over, we automatically include the carryovers.

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