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January 27, 2023
Question

When i enter my capital gains they don't show up in the income and expenses section ...why not?

  • January 27, 2023
  • 1 reply
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January 27, 2023

Capital gains are entered in the Investment section of the TurboTax program. They are not income or expenses, but instead are gains or losses on your investments. You may receive some monetary gains, but they are not earned income.

 

Capital gains, losses, and 1099-B forms are all entered in the same place:

  1. Open or continue your return in TurboTax
  2. Search for investment sales and then select the Jump to link in the search results
  3. Answer Yes to the question Did you have investment income in 2022?
    • If you land on the Your investments and savings screen, select Add investments
  4. Follow the instructions and we'll calculate the gain or loss from the sale

Your total capital gains for the year minus your total capital losses result in a net gain or a net loss.

You can deduct a net loss of up to $3,000 ($1,500 if married filing separately). Any capital loss you couldn't deduct this year can be carried forward and deducted on future tax returns as a capital loss carryover.

 

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