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New Member
posted Mar 19, 2020 8:28:06 AM

Do I need to report short term loss and long term loss on my tax return?

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2 Replies
Level 13
Mar 19, 2020 8:44:48 AM

Yes, of course you do.  I assume you got a 1099-B?  The IRS gets copies of all 1099-Bs and will be looking for it on your income tax return.  You'll have to upgrade if you want to use TurboTax.

Expert Alumni
Mar 19, 2020 8:47:28 AM

Yes - the losses can reduce your taxable income, depending on the type of loss.  Are they capital losses, for example from the sale of stocks or other investments?  If so, you can take up to $3,000 of losses a year, and the rest can be carried forward.