Net Capital Losses claim

[rhoque]

I had Net capital losses $1100 on 2013 Tax year, which I have already claimed when I was submitting for 2013 Tax Return. But it had no impact on my return. For 2014 Tax Return should I include again that amount in column 3 in "Claimed in 2014" column for Loss worksheet under  "net capital losses"?

[TaxHelp5 · Accepted solution]

Net capital losses can only be claimed against net capital gains in a year. So if you have gains this year then yes, you can claim your losses against this income but you cannot claim more than what is allowed.

So you might want to run Review and in the Tax-Saving Opportunities it will tell you how much, if any, losses from previous years can be applied against current year gains. If you have no current year gains then the amount will continue to be carried forward to be applied in a future year.

[cfragai]

Thank you for the info. 

I understand, however Turbo Tax 2019 is allowing me to deduct more from my previous year losses than my capital gains of this year...

Line 25300 Net Capital Losses of previous years is more than line 12700 Capital Gains of 2019, from my understanding this is incorrect, is it not?

[TurboTaxBrenda1]

The best thing to do is go to the Review section and in the Tax-Saving Opportunities, it will tell you how much, if any, losses from previous years can be applied against current year gains.