A net capital loss can only be carried back to reduce taxable capital gains in any of the three prior years. Any available taxable capital gains will be shown on your prior year’s Notice of Assessment or Notice of Reassessment. Your carryback amounts won't affect this year's tax return
Here are the steps to carry back a net capital loss using Turbo Tax:
- Select Find and enter losses in the search bar
- Select Losses from the search results, then Go
- Select the Request for Loss Carryback box
- Select Continue until you reach the Net Capital Loss Carrybacks screen
- The maximum net capital loss that you can carry back is listed. Enter the amount(s) you wish to carry back for each applicable year, then select Continue
For further information and guidance, please see our TurboTax links below.
TurboTax FAQ/video Where do I report capital gains or losses in TurboTax Online?
TurboTax article Claiming Capital Gains and Losses
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