It depends. If you are in the United States (US) follow the information and steps below. This can be entered into TurboTax using the steps below and may be eligible for the foreign tax credit if you are also paying tax in Canada (CA).
- Open or continue your return. To enter your sale in TurboTax, follow these steps. Click this link for more information. Where do I enter Investment Sales?
- 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.
- Now you will answer some preliminary questions. Say no if you did not receive a 1099B.
- Next screen is critical because it asks you for the sale price(proceeds), description, what you originally paid for it, date sold, date acquired etc. Try to fill in details to the best of your ability to get to the loss amount.
- For the questions asking about employee stock, you will say no to this as this primarily addresses US Based employers.
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