Where do i enter a 1099-b for LLC (schedule C)? I have a net loss between Proceeds and Cost basis

[douglee123]

I'm using TurboTax Home & Business and trying to fill out the business section.  I have a net loss between Proceeds and Cost basis for investments on form 1099-B.  Breaking out the Proceeds as income and Cost basis as expenses, will produce a large income for form 568 for the State and I would have to pay additional State fee when in reality I have net loss.  How do I fill out the income and expenses correctly in TurboTax so it results in no revenue?

[DanielV01 · Accepted solution]

On the Personal return, a 1099-B does not file on Schedule C but rather Form 8949 and Schedule D.  Even if the 1099-B is associated with the LLC, it is still reported on these forms (unless you need to be filing a Partnership or an S-Corp return.  Those returns are handled differently).

To guide you to enter your 1099-B correctly, please see this FAQ:  https://ttlc.intuit.com/replies/4789365

[jannethu]

Sorry I have the same Q.  The link you posted is not working. I just formed an LLC taxed as sole proprietorship.  My trading activities would be under the LLC business brokerage account. If I'm getting it right, I would still receiving 1099-B for tax filing. But how would I be able to put those trading profits/loss as my business profits/loss? Thank you in advance.