Before claiming your capital loss, please use TurboTax's article to verify that you are eligible for claiming capital loss and understanding how your capital loss works in your tax return: Claiming Capital Gains and Losses.
If you are using TurboTax Online Software to report your capital loss into Schedule 3, please follow these instructions below:
1. Go to the Find button on the upper-right of your TurboTax screen.
2. Type "Capital Gains and Capital Gains Deduction Profile" ( it is known as Schedule 3 in TurboTax) then click "Go".
3. Choose the options which are applied to your information then "Continue".
4. Choose "Enter the new disposition" and fill out your information about your capital loss in 2020.
For any further question, feel free to discuss with us.
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