Large capital loss in reports

BK

Let's take a simple scenario:
* Income: $10K
* Capital loss: $6K

The Tax Summary report and the classic dashboard's Taxable Income YTD display the income to be $4K ($10K income minus $6K loss) in this example. But technically the taxable income should be $7K ($10K income minus $3K max loss allowed). I know the tax planner does it properly and I understand that the reports need to consider all variables. But has anyone figured out a creative way to better handle such specific scenario in the reports?

Jim_Harman

The reports do not make any attempt to figure the tax implications of your transactions; they just show the inputs to the tax computation.

Why not just use the Tax Planner?

Chris_QPW

Note that the "Show Tax Summary Report" button is under the Projected Tax "widget", which one might assume means that they show the same information. They don't. The entries in the Projected Tax are directly connected to the Tax Planner, but the Tax Summary Report is just as @Jim_Harman has stated and just reporting on the inputs.

Jim_Harman

The reports do not make any attempt to figure the tax implications of your transactions; they just show the inputs to the tax computation.

Why not just use the Tax Planner?

Chris_QPW

Note that the "Show Tax Summary Report" button is under the Projected Tax "widget", which one might assume means that they show the same information. They don't. The entries in the Projected Tax are directly connected to the Tax Planner, but the Tax Summary Report is just as @Jim_Harman has stated and just reporting on the inputs.

BK

You are both right and I figured as much but never hurts to ask. The answer to @Jim_Harman's question is that I am used to the quick view of the Taxable Income YTD on the classic dashboard. Tax Planner it is.

Thank you both.