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dmdylon
New Member

I traded stocks in an off shore broker and did not receive a 1099-B but i do have statement summaries. How do i fill out the report when it keeps referring to the 1099B?

I don't receive a 1099B from this broker.  only statements.
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2 Replies

I traded stocks in an off shore broker and did not receive a 1099-B but i do have statement summaries. How do i fill out the report when it keeps referring to the 1099B?

You don't need a 1099-B to enter stock sales ... they go in the same section so .... you just say you don't have that form and you can then enter the sales.  

HelenC12
Expert Alumni

I traded stocks in an off shore broker and did not receive a 1099-B but i do have statement summaries. How do i fill out the report when it keeps referring to the 1099B?

These are entered in the investment section of TurboTax. You will need to use TurboTax Premier Online or purchase TurboTax CD\Download Deluxe or higher version.

 

Here are the steps to enter your investment sale: 

  1. Open (continue) your return in TurboTax.
  2. In the search box, search for investment sales then select the Jump to link in the search results.
  3. Answer Yes to the question Did you sell stocks, mutual funds, bonds,  or other investments in 2020?
    • If you land on the investment sales summary screen , select Add More Sales.
  4. On the OK, what type of investments did you sell? screen, select Other then Continue.
  5. On the Now we'll walk you through entering your sale details screen, enter your stock information.
  6. Continue following the onscreen instructions to enter the sales.

Your total capital gains for the year minus your total capital losses result in a net gain or a net loss.

  • You can deduct a net loss of up to $3,000 ($1,500 if married filing separately). Any capital loss you couldn't deduct this year can be carried forward and deducted on future tax returns as a capital loss carryover.
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