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Re: Capital Gains Tax Schedule is not saving losses when gains and losses in same year

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I had capital gains and losses this year of $45,000 and losses of $3,000 (with carried forward losses of $35,000).  As my gains are over $10,000 I need to complete the CGT Schedule and input my gains and losses.  I can input them and save them in the detailed section, but when I save it and it collapses to the summary, the gains are only transferred and the losses are dropped off, so the net total doesn't add to what I have included in the first section of total gains and net gain.  Is there a work around, or is this getting fixed?

 

I have reproduced the current year loss into the next subsection, together with py losses - it's given the correct result, so hopefully it's ok...

 

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Most helpful response

Taxicorn

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@kmas123 

 

A couple of questions:

 

(1) What were these gains/losses related to?

(2) What is this $10,000 that you mentioned?

(3) Were the gains discounted or not?

 

If you had a Gain this year (not discounted) of $40,000, this would then be offset by the $35,000 carry forward loss, making a $5,000 gain. You would then offset this gain by the $3,000 loss in the current year making $2,000 gain and then discount it if held for longer than 12 months by 50% = $1,000 gain.

 

 

1 REPLY 1

Most helpful response

Taxicorn

Replies 0

@kmas123 

 

A couple of questions:

 

(1) What were these gains/losses related to?

(2) What is this $10,000 that you mentioned?

(3) Were the gains discounted or not?

 

If you had a Gain this year (not discounted) of $40,000, this would then be offset by the $35,000 carry forward loss, making a $5,000 gain. You would then offset this gain by the $3,000 loss in the current year making $2,000 gain and then discount it if held for longer than 12 months by 50% = $1,000 gain.