Question about a sale of stock purchased and sold last year ... can the loss be written off?

[jnmpop]

Purchased 3 lots in September and November - Total of 100 shares.

Sold all 100 shares in late November for a loss.

Can this be written off for 2018?

[Rachel_W]

Yes, your stock loss for the sale of stock in November 2018 should qualify to be deducted as a capital loss on your 2018 Tax Return.  

However, you can only subtract up to $3,000 as a capital loss on your Tax Return each year.  For more information, you can check out this TurboTax FAQ: What is a capital gain or loss?

In addition, if you sold the stock the but then repurchased it in 30 days, you will be subject to the wash-sale rule.  If you are subject to this rule, your loss is disallowed and added to the cost basis of your stock. For more information, click here What is a wash sale?

Click here for instructions on entering your stock sale information: Where do I Enter Form 1099-B?

Please comment below if you need further clarification.