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In TurboTax 2023, I can't enter my capital asset sale from a small privately held LLC without a 1099-B.
Using TurboTax 2022, when I add a capital asset sale it asks me if I received a 1099-B.
TurboTax 2023 does not ask that question so it won't let me enter the sale without one.
How can I enter the sale in TT2023 without a 1099-B?
TIA!
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Yes, we are using different versions, but you are in the right place. It doesn't matter what name you use if you're entering your sales manually because there's no broker/bank identification that's included in the income tax return. All security sales show up with the same basic information of:
The financial institution name is strictly for your use and utility. So, if you facilitated trades through 4 different brokers and needed to edit one trade, you would be able to find the transaction easier.
You don't need a 1099-B to enter a sale. In TurboTax Business, go to Federal Taxes >> Income >> Investment Income >> Capital gains or losses - Start.
You will be asked if you have sold any capital assets this year, answer YES.
When I do so, it asks me to enter the bank or brokerage that gave me the 1099-b.
It was a private transaction. Should I enter the seller's name?
You don't need it. After you answer Yes to selling capital assets, the next screen asks about non-portfolio assets. Answer Yes on that screen. Then click on Add another single transaction. Then answer NO to the 1099-B question.
Now you can enter the details without a 1099-B.
I'm not seeing that. Do we have different TT versions? I have home & business version.
When I add a capital sale, I see these dialogs:
Yes, we are using different versions, but you are in the right place. It doesn't matter what name you use if you're entering your sales manually because there's no broker/bank identification that's included in the income tax return. All security sales show up with the same basic information of:
The financial institution name is strictly for your use and utility. So, if you facilitated trades through 4 different brokers and needed to edit one trade, you would be able to find the transaction easier.
Thanks! I should have mentioned the tt version I am using.
Also, turbotax ought to clarify what to do in this case, like your versions does.
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