Do you have to report capital loss on taxes?

Forum|Forum|7 years ago
June 1, 2019
3 replies
1 view

I'm a student and I am already getting back all of my state and federal taxes. Is it required to report my $13 loss when it won't be beneficial to me?

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VolvoGirl

Level 15

What is the loss from? If you get a 1099B for investment sales you need to report it or the IRS will say the whole sales proceeds is taxable. They won't know you have a loss.

dependablemaids7

Level 2

I believe you don't since it's not alot but to be on the safe side I would report it.

Anonymous

Yes you should report a capital loss on your taxes. It could also prove to be beneficial to do so for 2 reasons:

You can carry forward a capital loss to your next year's return and use it then, BUT only if you claim it this year
The IRS also receives the same information you do. If you received a 1099-B and do not report it, the IRS could determine it is income and send you a bill which would then require you to file an amended return.