Enter your 1099-B Proceeds From Broker and Barter Exchange Transactions form and TurboTax will calculate your losses.
If you sold at a loss, you can offset that amount from your overall gains, reducing the amount you’ll be taxed on. If your losses are more than your gains, you can deduct a net loss of up to $3,000 ($1,500 if married filing separately). Any capital loss you couldn't deduct this year can be carried forward and deducted on future tax returns as a capital loss carryover.
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