IF filing taxes for a senior and they had a Loss on their 1099B form, does it need to be reported? Then TurboTax hikes the cost to include??

small loss counters income - Turbo Tax increases the cost which outweighs the loss? Why include

posted

The capital loss offsets income in the current year or in a subsequent year if the loss is carried forward.

If the loss is not reported, a tax authority could question at a later time.

If the loss is not reported, maintain the documentation in your tax records should there be a question at a later time.

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