You'll need to sign in or create an account to connect with an expert.
**** EDIT: the loss was reported. However I only had loss. It was like -$38
No.
You need to report your stock transactions. They are reported to the IRS, just the cost basis is not reported to the IRS.
If you do not report these sales, as the IRS does not have the cost basis, they will assume that the stock basis is 0 and you will receive a notice taxing you on the whole proceeds.
Your still have report these transactions. The loss of $38 is deductible from your income.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
warmbeers
New Member
long_family
Level 2
VAer
Level 4
Tax_Lego
Returning Member
Dalhockey97
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.