Short Sale Loss
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New Member

Short Sale Loss

I sold options in 2020 and closed the position at a loss. TurboTax is not allowing me to enter the loss on the sale. It is telling me that the "Sales price is not between the prescribed upper and lower limits." I am guessing that is the case because the number is negative. Has this happened to anyone else? Were you able to claim this loss?

Thanks.

David

4 Replies
Employee Tax Expert

Short Sale Loss

You can't enter the sales amount as a negative number currently in TurboTax.

 

One option to resolve this is If you didn't receive any proceeds, the sales number would be -0- and you would report the cost basis as your loss amount.

 

It is possible that TurboTax will modify the program to allow you to enter a negative amount as a sale amount, as has been done in the past. You may want to wait until February 12, 2021 which is the date the IRS will start processing returns for 2020 to see if the program is updated to allow for the negative sales amount.

 

[Edited 2/2/21 2:55 PM PST]

@dbaskin32

 

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New Member

Short Sale Loss

Thanks ThomasM125, that is very helpful. TurboTax is pulling over my 1099 from my brokerage and is giving me one text box to update the sales price. Do you know how in TurboTax I update the cost basis to one specific security? Do I need to type everything from my 1099 in manually so I can update the cost basis?

Thank you.

New Member

Short Sale Loss

Thank you. I will try again after 2/12 to see if the system is updated.

Thanks.

Level 1

Short Sale Loss

Hi Thomas,

 

Is there a fix available yet? It is after 2/12 per your initial response. I am having the same issue as the OP where I am unable to report a loss (negative value) within gross proceeds and the program is also preventing me from entering a Date Acquired that is after Date Sold. Please advise.

 

Thank you! 
Jeremy 

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