TurboTax FAQ
TurboTax FAQ
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How do I deduct losses?

To use a net capital loss from a previous year to reduce your capital gains this year, follow the instructions below.

Note: Before you begin, find out how much net capital loss is available by checking your Notice of Assessment or Notice of Reassessment.

 

  1. In the upper-right area of TurboTax, select the magnifying glass (the Find tool).
  2. In the Find window, type “losses.”
  3. Select Losses from the list of results, then select Go.
  4. On the Your Losses Profile for 201x step, select Net Capital Loss Carry Forward, then select Continue.
  5. On the Net Capital Loss Carry Forwards step, fill out the fields using the information on your Notice of Assessment or Notice of Reassessment from the previous tax year, then select Continue.
  6. On the Net Capital Losses Being Claimed step, fill out the field(s) if applicable, then select Continue.
  7. On the Carry Forward of 2000 Capital Gains Inclusion Rate step, fill out the field if applicable, then select Continue.
  8. If the Tax on Split Income (TOSI) step appears, answer the question, then select Continue.
  9. If the Carry Forward of 2000 Capital Gains Inclusion Rate step appears again, select Continue.

The Deductions summary step appears.

 

 

After you finish, here’s how you can check the amount of losses being used against current-year taxable capital gains:

  1. In the upper-right area of TurboTax, select the magnifying glass (the Find tool).
  2. In the Find window, type “deductions.”
  3. Select Deduction Summary from the search results, then select Go.

The amount is displayed next to Losses of other years.

If the number next to Losses of other years is 0, that means there are no capital gains to deduct from.

 

 

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