I sold some shares overseas - at a loss - but the broker (custodian located overseas) does not issue any 1099-B forms. How do I report this?
Sincerely,
Juha
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Yes, you are correct. Some losses are just losses and you do not get any type of tax break from them.
Depending on what your taxable income was, if it was already at $0, decreasing your income by another $800 would not have any affect as it was already $0. You cannot be reimbursed in the way of a refund for your losses.
However, as mentioned above, you can carry forward capital losses if you cannot use them in the current year. So maybe if you were unable to benefit this year, you could next year.
Also, if the loss was $800, you probably would not see much of a difference. Depending on your tax bracket, even if it is at the 22% mark, you would only see a benefit of about $18 if your income was reduced by that $800 on this years return.
Because you are using TurboTax Home & Business, the navigation steps and screens relating to investment sales are different versus the TurboTax online version. Here are the steps to follow in TurboTax Home & Business.
You would enter the sold shares as if you had a 1099-B form. You'll be able to select "did not receive 1099-B form".
Here are the steps to enter your investment sale:
Your total capital gains for the year minus your total capital losses result in a net gain or a net loss.
Hello Helen,
I appreciate your detailed response.
Just wondered why the losses (about $800) I incurred didn't impact the Federal back taxes at all? Not particularly wealthy and was expecting those losses would have some effect, but I assume that some losses are just that, losses, that end up being out-of-pocket.
JJ
Yes, you are correct. Some losses are just losses and you do not get any type of tax break from them.
Depending on what your taxable income was, if it was already at $0, decreasing your income by another $800 would not have any affect as it was already $0. You cannot be reimbursed in the way of a refund for your losses.
However, as mentioned above, you can carry forward capital losses if you cannot use them in the current year. So maybe if you were unable to benefit this year, you could next year.
Also, if the loss was $800, you probably would not see much of a difference. Depending on your tax bracket, even if it is at the 22% mark, you would only see a benefit of about $18 if your income was reduced by that $800 on this years return.
I am using Home & Business version of TT so it is a little difficult to navigate through the interview as what you write are like for the Home version.
JJ
Because you are using TurboTax Home & Business, the navigation steps and screens relating to investment sales are different versus the TurboTax online version. Here are the steps to follow in TurboTax Home & Business.
Thank you!
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