Yes, you are correct in theory. My advice would be to create two separate entries either by creating two 1099-Ks. One would be for your sales that resulted in gains, the other would be the sales that resulted in losses.
- Gains: Enter the full amount of the sales for these items, then enter the cost basis
- Losses: Enter the full amount of the sales for these items, then enter the same amount as the cost basis resulting in zero loss
Or an entry for sales of personal property that resulted in gain in the investment section using the steps below.
To enter your sale in TurboTax, follow these steps. Click this link for more information. Where do I enter Investment Sales?
- Open or continue your return.
- Navigate to the investment sales section:
- TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
- TurboTax Desktop: Search for investment sales and then select the Jump to link.
- Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
- Answer Yes to the question Did you sell any of these investments in 2024? (or Okay! to Time to kickoff your investments!).
- If you land on the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.
@spfanok
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