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Get your taxes done using TurboTax
You can report it by going to :
- Open (continue) your return in TurboTax.
- In the search box, search for investment sales then click 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, click Add More Sales.
- Answer No to the 1099-B question.
- On the next screen, select the type of sale you had here you can say an REIT sale
- Continue following the onscreen instructions to enter the sale." This includes the distribution (proceeds) and the cost basis. The loss should generate on its own from the difference between the proceeds and the cost basis assuming the cost basis is larger than the distribution amount.
- Be sure to claim he right holding period. If you own this investment longer than one year, be sure to report as a long term investment.
- You can only claim $3k in losses each year. The remainder is carried over. The same rules apply no matter what type of investment loss it is.
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‎February 22, 2023
5:28 PM