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Updated almost 3 years ago,

User Stats

27
Posts
16
Votes
Krista Manna
  • Flipper/Rehabber
  • Abington, MA
16
Votes |
27
Posts

Carry over losses for doing taxes

Krista Manna
  • Flipper/Rehabber
  • Abington, MA
Posted

Because I purchased a property in 2020 and then sold in 2021, my 2020 taxes had a loss listed on them (both for the business and for my net income).  I'm trying to figure out where to list the loss carryover in Turbotax?  I have multiple businesses.  I first listed my loss that was listed on last years taxes for the flip business as a loss carryover in this year's flip business.  But now I've found a section that talks about net loss amounts.  Is that where I'm supposed to put it?  The business had a "loss" of 40K but the net loss for all my income in 2020 was 15K.  Which number do I use?  Without putting the loss in it makes it look like I made 40K more this year then I actually did on the flip. Without putting a loss in, the software was claiming I owed the same amount in taxes that I made on my flip so ... that's not right. I realize this might be an accountant question but they were all booked in my area until May so I'm muddling through doing it on my own one last year.  

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