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Business & farm
Yes, you report this on your personal tax return. You will enter this under the Investment Income area of Wages & Income.
- Choose Personal >> Wages and Income, then I’ll Choose What I Work On.
- Investment Income >> Stocks, Mutual Funds >> Start/Update.
- Type of Investment: Everything Else
- Enter a description, Net Proceeds = $0 and date of sale = dissolution date.
- Acquired: Other method
- Cost Basis: your investment basis at dissolution
- Date of Acquisition: date you made your investment
TurboTax will calculate the loss on this investment and determine if it was short- or long-term. If you have other capital gains, the loss will offset some or all of the gains. Otherwise, up to $3,000 of the capital loss will go to line 13 of Form 1040 and offset other income. The remaining loss over $3,000 will be carried forward each year until used up (applied to capital gains and/or ordinary income).
June 4, 2019
3:31 PM