Capital investment loss question

[Salparadise808]

I took a fairly large loss in 2024 with an investment fund run by a man based in Ontario.  He provided a letter stating the Canada Revenue Agency Business Number and the amount lost, but did not provide any additional documentation, like a 1099-B.  What is the best approach to entering this capital loss in TurboTax Premier 2024?

[DianeW777]

The best approach is to enter your capital loss as an investment sale.  The sales price will be what you received, if anything, and the cost will be what you paid for it.  Keep all of your documentation to show how you arrived at the amounts should it be requested at any time. Use the exchange rate for the US dollar amounts in the link below.

• Yearly Average Currency Exchange Rates

Follow the details in the link below to enter your investment loss.   Where do I enter Investment Sales?

1. Open or continue your return.
2. Navigate to the investment sales section:
   • TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
   • TurboTax Desktop: Search for investment sales and then select the Jump to link. 
     • Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
3. Answer Yes to the question Did you sell any of these investments in 2024? (or Okay! to Time to kickoff your investments!).
   • If you land on  the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.

[Salparadise808]

Thank you.  When I attempt to add Investment Sales, I go to the screen shown below.  If I scroll to the bottom and click on "Add investments," it takes me to an import screen, which I skip over.  I then arrive at a screen with five choices, from Interest to Other that are all tied to specific forms I don't have (1099-INT through 1099-S; see below).  Should I select one of them to add an Investment Sale, or is there another method?

[DianeW777 · Accepted solution]

Yes, select 'Other', then continue to select the type of sale and make your selections from the screen 'Now enter one sale at a time'.

You can select 'Something other than a date' to choose 'Various' if the investment was bought at various times. Continue to complete your sale.  You can disregard the 1099-S indicator.