- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
I don't believe you can file this way. An investment sale has to have 'Proceeds' whether it a gain or a loss when compared to Cost Basis. Your entries show you 'gave away' stock that cost you $100.
You could report Proceeds as equal to Cost Basis, so no gain/loss is reported.
However, you can't upload or mail a copy of your 1099-B since you don't have one. If you sent documentation of the sales with a mailed return, then you may get questions from the IRS on why you're not reporting the sales/loss correctly on your return. You could also include a statement as to why you're not claiming the loss, but I'm questioning at this point if you even need to report this as a stock sale at all.
If you have other types of foreign income (dividends, wages, rental income, self employment income) that you paid Foreign Tax on, you could combine them into one entry for a foreign tax credit. If this applies, report the total amount of foreign tax you paid, and the foreign income amount (total for all, less losses).
Here's more info on Claiming the Foreign Tax Credit and discussion on Foreign Capital Gains/Losses.
**Mark the post that answers your question by clicking on "Mark as Best Answer"