I received a share in a Co-op. It was sold at a loss. I received a 1099 for my share of the proceeds. Where do i report the income/loss?

[SOMiller]

Because the property was already distributed to me, do I handle this as a sale of investment property?

[PatriciaV · Accepted solution]

Yes, the sale of this property would be entered as an Investment Sale. This activity is reported under Wages & Income >> Investment Income >> Stocks, Mutual Funds, Bonds, Other.

The easiest way to find this section of TurboTax is to use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "investment sale", hit Enter, and click on "jump to investment sale" to go directly to beginning of this topic.

1. Click Start/Update or "Add a Sale."
   
2. Type of Investment: Choose the best category for your sale
3. Enter a description, Net Proceeds (sales price less selling costs & commissions); date of sale.
4. Acquired: whatever method fits
   
5. Cost Basis: adjusted basis (check with the trust administrator if necessary)
   
6. Date of Acquisition: date you received the trust distribution

TurboTax will calculate the loss on this investment and determine if it was short- or long-term. If you have other capital gains, the loss will offset some or all of the gains. Otherwise, up to $3,000 of the capital loss will go to line 13 of Form 1040 and offset other income. The remaining loss over $3,000 will be carried forward each year until used up (applied to capital gains and/or ordinary income).