JillS56
Expert Alumni

Investors & landlords

Your friend needs to enter the transactions from the 1099-B.   Once entered, the net effect of the 1099-B transactions will be reported as income or a loss.   However, you can only take a $3,000 capital loss deduction per year.  The remaining loss is carried forward each year until it is used up.    

 

Here's where you enter or import your 1099-B in TurboTax:

  1. Open (or continue) your return if it isn't already open
  2. Select the magnifying glass, search for 1099-B and then select the Jump to link in the search results
  3. Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2021?
    • If you see Your investment sales summary, select Add More Sales
  4. On the OK, let's start with one investment type screen, select the category that applies to your situation and Continue
  5. Answer Yes to Did you get a 1099-B or brokerage statement for these sales?
  6. At Let's get your tax info, choose how you want to enter your 1099-B (import or type it in yourself)
  7. Answer the questions about your 1099-B

Form 1099-B is included in TurboTax Premier, TurboTax Live Premier, Self-Employed, and TurboTax Live Self-Employed (online) and in all personal CD/Download versions of TurboTax.

 

Where to Enter My 1099-B?