Solved: Sold physical silver that I held as an investment as a loss, long term. How do I get the $3000 deduction for the long term capital loss. It was a $21k loss
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Sold physical silver that I held as an investment as a loss, long term. How do I get the $3000 deduction for the long term capital loss. It was a $21k loss

I can't seem to get turbotax to show it as a long term loss. When I put the amounts where needed, it shows a long term capital gain. But I sold it at a loss of $21k
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Sold physical silver that I held as an investment as a loss, long term. How do I get the $3000 deduction for the long term capital loss. It was a $21k loss

If it's showing as a $21k gain instead of loss, then it sounds like maybe you've got the net proceeds and cost basis turned around.

Re-visit the input screen and double-check which amounts are entered in which boxes.  You'll be asked for the proceeds and date of sale on one screen, then the "Cost or Other Basis" and date of purchase on a later screen.

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Highlighted
New Member

Sold physical silver that I held as an investment as a loss, long term. How do I get the $3000 deduction for the long term capital loss. It was a $21k loss

If it's showing as a $21k gain instead of loss, then it sounds like maybe you've got the net proceeds and cost basis turned around.

Re-visit the input screen and double-check which amounts are entered in which boxes.  You'll be asked for the proceeds and date of sale on one screen, then the "Cost or Other Basis" and date of purchase on a later screen.

View solution in original post

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