In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)
- Wages & Income
Scroll down to:
-Stocks, mutual funds, Bonds, Other
You will be asked if you got a form 1099-B. Whether you answer yes or no, the interview will allow you to continue. Enter $0 as the sale amount and 12/31/22 as the sale date (since 2022 is the year you became aware the investment was worthless).
the loss can be one of three types and we don't know which
1) a real investment loss. the investmnt was legit but never was profitable = capital loss
2) you were a victim of a crime there was no farming venture. in effect you money was stolem = no deduction
3) you were the victim of a Ponzi scheme. the loss is deuctible as a Ponzi theft loss but there are certain rules that must be followed to claim it - see form 4684 intrcutions for PONZI type loss.
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