My husband passed away in 2024. He had some capital losses accumulated over the years. How to claim it against other income in Turbo Tax?
How to show negative amount on line 127?
Thank you
Rada
Sorry for your loss!
Use any net capital loss remaining to reduce other income for the year of death, the year before the year of death, or for both years. If you claim any remaining net capital loss in the year of death, you should claim it as a negative amount in brackets at line 12700 of the Final Return. A man died on June 20, 2024.
For more information, refer to this CRA article: Net capital losses
Thank you for choosing TurboTax.
How to show a negative amount in brackets on line 127 in Turbotax ?
I tried to do it on schedule 3 but it does not populate to line 127
Thank you
@rada vujic As soon as you put in gains and losses AND you make sure there is a date of death, it works fine. Make sure that you have entered the info correctly.
I followed your instruction, you provided to the previous user, to ensure the date of death is inputted correctly and it is. The net capital loss does show on line 12700 however it does not carry over to line 16. Line 16 indicates $ 0.