Capital gains, losses, and 1099-B forms are all entered in the same place:
- Open (continue) your return in TurboTax.
- Select the Take Me to My Return button on the main screen.
- In the search box, search for investment sales and then select the Jump to link in the search results.
- Answer Yes to the question Did you sell any investments?
- If you land on the Here's the investment sales we have so far screen, select Add More Sales.
- Continue following the onscreen instructions and we'll calculate the gain or loss from the sale.
Your total capital gains for the year minus your total capital losses result in a net gain or a net loss.
You can deduct a net loss of up to $3,000 ($1,500 if married filing separately). Any capital loss you couldn't deduct this year can be carried forward and deducted on future tax returns as a capital loss carryover.