Where do I show the short-term capital loss in an India PMS?

Forum|Forum|7 years ago
June 22, 2019
2 replies
51 views

I had a short-term capital loss from a Portfolio Management Services (PMS) in India. This loss is more than the ordinary dividends, thereby making the net negative. But TT does not let me enter a negative amount in box 1a of 1099-DIV. So should I enter 0 and not get any credit for the loss? Looks like I cannot combine it with Long-Term Capital Gain (LTCG) in box 2a as it is for LTCG only.

Lisa995

Alumni - Champ

l loss from a sale of stocks in the portfolio? Stock sales are reported in a different area than dividends. Did they issue you a 1099B showing the gross proceeds? You wont be able to just enter a short term loss, you'll need the gross proceeds and the basis, the program will figure the net gain/loss.

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

prakash_gramaAuthor

Level 2

Thanks for your reply. Yes, it is a loss from the sale of stocks in the portfolio. In addition, I have long-term capital gains from the sale of stocks in the portfolio. They have issued a brokerage report that has all the details including cost basis, etc. I have entered them in the 1099-B section. The foreign bank does not issue a 1099-B report per se for U.S. reporting. I have entered the summary details as Box C and Box F and need to mail in the statement as there are 100+ trades. I presume as I have entered it there, I should not enter them in the 1099-DIV as it would be double entry? But do I need to specify these are foreign transactions? I don't see any option to specify that. In the 1099-DIV I enter $0.01 in Box 7 Foreign Tax Paid even though no tax is withheld so that TT realizes it is a foreign income and asks me how much of the income was foreign income