Do I have to report small capital loss on my taxes?

Forum|Forum|4 years ago
January 23, 2022
2 replies
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I sold stock on Cashapp last year for a small loss of $6. I got an email saying I'll be getting a 1099 B. Do I have to report this on my taxes since it's such a small loss? I'm just worried that if I do I won't be able to use the free version of TurboTax.

Not A Product Question

Best answer by HelenC12

Yes, you have to report the sale of your stock, no matter how small the gain. If you don't report it, it may slow down the processing of your return with the IRS. You'll also get a letter from the IRS requesting information on the sale.

Related Information:

How do I add or edit a 1099-B?

HelenC12Answer

Level 15

Related Information:

How do I add or edit a 1099-B?

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fanfare

Level 15

you have a deduction of $6.00.

It's not going to make much of a difference if any on your return.

even considered as a gain, I doubt IRS will go after you for tax on $6.

meegangifAuthor

Level 2

That's what I was thinking too, but I think I'll end up reporting it just to be safe.

Mike9241

Level 15

it's not so much the loss but the sales proceeds reported to the IRS and whether the cost basis was also reported. no one can say for sure that you'll get a notice from the IRS if you omit it but you are supposed to report it..