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Level 1

I had a capital loss on mutual funds in 2017. How do use it in 2018 against a capital gain on funds in 2018.

is the loss carry forward influenced by it being mutual funds?

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Level 1

I had a capital loss on mutual funds in 2017. How do use it in 2018 against a capital gain on funds in 2018.

Your Notice of Assessment (NOA) should show the amount of your Net Capital Loss available to apply against any current year Capital Gains. 

To do so using TurboTax CD/Download: 

  • From the sidebar click Deductions & Credits > Losses > check the box next to Net Capital Loss Carryforward in your "Losses Profile for 2018"
    • 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".

You can enter the amount of any losses on the "Loss Worksheet" which you can access in the Forms view of your TurboTax by clicking on the Forms icon and typing in "Loss" as your keyword to search for. 

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1 Reply
Level 1

I had a capital loss on mutual funds in 2017. How do use it in 2018 against a capital gain on funds in 2018.

Your Notice of Assessment (NOA) should show the amount of your Net Capital Loss available to apply against any current year Capital Gains. 

To do so using TurboTax CD/Download: 

  • From the sidebar click Deductions & Credits > Losses > check the box next to Net Capital Loss Carryforward in your "Losses Profile for 2018"
    • 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".

You can enter the amount of any losses on the "Loss Worksheet" which you can access in the Forms view of your TurboTax by clicking on the Forms icon and typing in "Loss" as your keyword to search for. 

View solution in original post