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Level 1

Question

Do I need to report short term loss and long term loss on my tax return?

Forum|Forum|6 years ago
March 19, 2020
2 replies
1 view

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TurboTax Free Edition Online

Alumni - Champ

Yes, of course you do. I assume you got a 1099-B? The IRS gets copies of all 1099-Bs and will be looking for it on your income tax return. You'll have to upgrade if you want to use TurboTax.

Level 15

Yes - the losses can reduce your taxable income, depending on the type of loss. Are they capital losses, for example from the sale of stocks or other investments? If so, you can take up to $3,000 of losses a year, and the rest can be carried forward.