Capital gains, and losses are all entered in the same place:
- Open or continue your return in TurboTax if it isn't already open.
- Search for capital gains and then select 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, select Add More Sales.
- Following the instructions and we'll calculate the gain or loss from the sale.
Your total capital gains for the year minus your total capital losses result in a net gain or a net loss.
You can deduct a net loss of up to $3,000 ($1,500 if married filing separately). Any capital loss you couldn't deduct this year can be carried forward and deducted on future tax returns as a capital loss carryover.
Note: Make sure the IRS would view this as a business not a hobby.
Here are the IRS rules for making that determination: https://www.irs.gov/uac/business-or-hobby-answer-has-implications-for-deductions
