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Bookmark or Share- What is a capital loss carryover? - TurboTax SupportCarryover losses on your investments are first used to offset the current year capital gains if any. You can deduct up to $3,000 in capital losses ($1,500 if you're married filing separately). Losses beyond that amount can be deducted on future returns as a capital loss carryover until the loss is all used up.. For example, if your net capital loss in 2016 was $7,000 and you're filing as ...
- I sold my mobile home for 12,000.00 do I have to claim it ...Yes, but only if you have a gain on the sale (personal capital losses are not allowed on your tax return by the IRS) and only if this was not your primary residence (where you would be able to claim the home gain exclusion). So if your mobile home cost more than you sold it for, you will not have to report this sale on your federal or state income taxes.
- Which federal tax - TurboTax® Support - Get Help Using ...An exemption is a specific amount you get to deduct for each taxpayer and dependent on your return. In tax year 2017, the exemption was $4,050 per taxpayer or dependent, subject to a phase-out at higher income levels.
- I invested in a business that failed, can I write off my ...Yes, you can absolutely do that. Consider this exercise the exact same thing (for income tax reporting purposes) as buying stock in a public company for X-dollars ($$$) and then seeing the share price drop to zero, after the company files for bankruptcy.
- what is passive loss carryover - TurboTax SupportIf you are manually entering passive losses from last year, you will need the prior year Form 8582 (or Sch E Wks). A loss on rental property may or may not generate passive losses, depending on what other passive income you reported that year.
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