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donrankin
New Member

I had a small capital gain in 2019 and now in 2020 tax year, I have a small net capital loss. How do I claim this loss on my 2020 return and what do I fill in?

 
1 Reply
ayseleren18
Level 6

I had a small capital gain in 2019 and now in 2020 tax year, I have a small net capital loss. How do I claim this loss on my 2020 return and what do I fill in?

Thank you for choosing TurboTax, 

 

Capital losses are claimed by completing schedule 3, and allowable losses may be used to offset gains within the current year, up to three years prior, or carried forward to future years, depending on the situation. You'll enter a capital loss in the investment section. 

 

To enter a capital loss  in TurboTax Online:

  • Select the image of the magnifying glass (or Find) in the upper-right area of TurboTax
  • Enter “capital” in the Find window
  • Select "capital gains and capital gains deduction profile" from the list of results, and then select Go
  • Follow the onscreen instructions. 
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