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Can i still deduct prior years capital losses from current capital gains?
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Investors and rental owners
Yes, you can deduct any Net Capital Losses that are shown on your Notice of Assessment (NOA) from any Capital Gains you have incurred in the current year.
To do so using TurboTax Online (or EasyStep view of TurboTax CD/Download):
- From the sidebar click Deductions > Losses Profile > Net Capital Loss Carryforward > check the box beside Net Capital Losses and Continue.
- On the page titled Net Capital Loss Carry Forwards, enter the amount shown on your Notice of Assessment.
- On the page titled Net Capital Losses Being Claimed, enter the amount of your available Net Capital Loss you wish to apply to this year's "taxable capital gains".
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Investors and rental owners
How are net capital loss carry forwards applied against current year capital gains? Line 25300 "Net Capital Losses of Other Years" DOES NOT toggle to the proposed worksheet that would allow the calculation nor can L. 25300 be overidden to enter a capital loss carry forward.
Please advise.
Bradley R
NB: The following Turbo Tax Support Reply is inoperable.
Reply to message
Yes, you can deduct any Net Capital Losses that are shown on your Notice of Assessment (NOA) from any Capital Gains you have incurred in the current year.
To do so using TurboTax Online (or EasyStep view of TurboTax CD/Download):
- From the sidebar click Deductions > Losses Profile > Net Capital Loss Carryforward > check the box beside Net Capital Losses and Continue.
- On the page titled Net Capital Loss Carry Forwards, enter the amount shown on your Notice of Assessment.
- On the page titled Net Capital Losses Being Claimed, enter the amount of your available Net Capital Loss you wish to apply to this year's "taxable capital gains".