Bitcoin and fractional shares loss

[praxisknight]

I sold some bitcoin last year at a loss and some fractional shares of a stock also at a loss.  How do I report this on my taxes.? Thanks.

[JamesG1]

Report the sale of a capital asset on IRS Schedule D and IRS form 8949.

In TurboTax Online Premium, enter an investment by following these steps:

• Down the left side of the screen, click on Federal.
• Down the left side of the screen, click on Wages & Income.
• Scroll down to Investments and Savings and click the down arrow to the right.
• Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• Click Add investments.
• At the screen Let's import your tax info, click Enter a different way.
• Click on Stock, Bonds, Mutual funds. Click  Continue.
• At the screen Which bank or brokerage is on your 1099-B, enter the information. Click Continue.
• Do these sales include any employee stock, click No.
• Do you have more than three sales on your 1099-B, click No.
• Do these sales include any other types of investments, click No.
• Did you buy every investment listed on your 1099-B, click Yes.  Click Continue.
• At the screen Now, choose how to enter your sales, select One by one.  Click Continue.
• At the screen Look for your sales on your 1099-B, click Continue.
• At the screen Now enter one sale, enter information. Click Continue.
• Repeat as necessary by clicking  Add another sale.  Click Continue.

In TurboTax Desktop, enter an investment by following these steps: 

• Select Federal Taxes across the top of the screen.
• Select Wages & Income across the top of the screen.
• Select I'll choose what I work on.
• Scroll down to Investment Income.
• Select Start / Update to the right of Stocks, Mutual Funds, Bonds, Other.
• At the screen Did you sell any investments in 2022, select Yes.
• At the screen OK, let's start with one investment type, select Stocks, Bonds, Mutual Funds and select Continue.
• At the screen Let us enter your investment sale info, select Skip Import.
• At the screen Which bank or brokerage sent you this form, enter the information.  Continue.
• Do these sales include any employee stock, enter No.
• Do you have more than three sales, enter No.
• Do these sales include any other types of investments, enter No.
• Did you buy every investment listed, enter Yes.  Continue.
• On the screen Now, choose how to enter your sales, select One by one.  Select Continue.
• On the screen Look for your sales on your 1099-B, select Continue.
• At the screen Now, enter one sale, enter the information.  Continue.
• Select Add another sale as necessary.  Continue.

[JamesG1]

Report the sale of a capital asset on IRS Schedule D and IRS form 8949.

In TurboTax Online Premium, enter an investment by following these steps:

• Down the left side of the screen, click on Federal.
• Down the left side of the screen, click on Wages & Income.
• Scroll down to Investments and Savings and click the down arrow to the right.
• Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• Click Add investments.
• At the screen Let's import your tax info, click Enter a different way.
• Click on Stock, Bonds, Mutual funds. Click  Continue.
• At the screen Which bank or brokerage is on your 1099-B, enter the information. Click Continue.
• Do these sales include any employee stock, click No.
• Do you have more than three sales on your 1099-B, click No.
• Do these sales include any other types of investments, click No.
• Did you buy every investment listed on your 1099-B, click Yes.  Click Continue.
• At the screen Now, choose how to enter your sales, select One by one.  Click Continue.
• At the screen Look for your sales on your 1099-B, click Continue.
• At the screen Now enter one sale, enter information. Click Continue.
• Repeat as necessary by clicking  Add another sale.  Click Continue.

In TurboTax Desktop, enter an investment by following these steps: 

• Select Federal Taxes across the top of the screen.
• Select Wages & Income across the top of the screen.
• Select I'll choose what I work on.
• Scroll down to Investment Income.
• Select Start / Update to the right of Stocks, Mutual Funds, Bonds, Other.
• At the screen Did you sell any investments in 2022, select Yes.
• At the screen OK, let's start with one investment type, select Stocks, Bonds, Mutual Funds and select Continue.
• At the screen Let us enter your investment sale info, select Skip Import.
• At the screen Which bank or brokerage sent you this form, enter the information.  Continue.
• Do these sales include any employee stock, enter No.
• Do you have more than three sales, enter No.
• Do these sales include any other types of investments, enter No.
• Did you buy every investment listed, enter Yes.  Continue.
• On the screen Now, choose how to enter your sales, select One by one.  Select Continue.
• On the screen Look for your sales on your 1099-B, select Continue.
• At the screen Now, enter one sale, enter the information.  Continue.
• Select Add another sale as necessary.  Continue.

[JamesG1]

Report the sale of a capital asset on IRS Schedule D and IRS form 8949.

In TurboTax Online Premium, enter an investment by following these steps:

• Down the left side of the screen, click on Federal.
• Down the left side of the screen, click on Wages & Income.
• Scroll down to Investments and Savings and click the down arrow to the right.
• Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• Click Add investments.
• At the screen Let's import your tax info, click Enter a different way.
• Click on Stock, Bonds, Mutual funds. Click  Continue.
• At the screen Which bank or brokerage is on your 1099-B, enter the information. Click Continue.
• Do these sales include any employee stock, click No.
• Do you have more than three sales on your 1099-B, click No.
• Do these sales include any other types of investments, click No.
• Did you buy every investment listed on your 1099-B, click Yes.  Click Continue.
• At the screen Now, choose how to enter your sales, select One by one.  Click Continue.
• At the screen Look for your sales on your 1099-B, click Continue.
• At the screen Now enter one sale, enter information. Click Continue.
• Repeat as necessary by clicking  Add another sale.  Click Continue.

In TurboTax Desktop, enter an investment by following these steps: 

• Select Federal Taxes across the top of the screen.
• Select Wages & Income across the top of the screen.
• Select I'll choose what I work on.
• Scroll down to Investment Income.
• Select Start / Update to the right of Stocks, Mutual Funds, Bonds, Other.
• At the screen Did you sell any investments in 2022, select Yes.
• At the screen OK, let's start with one investment type, select Stocks, Bonds, Mutual Funds and select Continue.
• At the screen Let us enter your investment sale info, select Skip Import.
• At the screen Which bank or brokerage sent you this form, enter the information.  Continue.
• Do these sales include any employee stock, enter No.
• Do you have more than three sales, enter No.
• Do these sales include any other types of investments, enter No.
• Did you buy every investment listed, enter Yes.  Continue.
• On the screen Now, choose how to enter your sales, select One by one.  Select Continue.
• On the screen Look for your sales on your 1099-B, select Continue.
• At the screen Now, enter one sale, enter the information.  Continue.
• Select Add another sale as necessary.  Continue.

[JamesG1]

Report the sale of a capital asset on IRS Schedule D and IRS form 8949.

In TurboTax Online Premium, enter an investment by following these steps

• Down the left side of the screen, click on Federal.
• Down the left side of the screen, click on Wages & Income.
• Scroll down to Investments and Savings and click the down arrow to the right.
• Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• Click Add investments.
• At the screen Let's import your tax info, click Enter a different way.
• Click on Stock, Bonds, Mutual funds. Click Continue.
• At the screen Which bank or brokerage is on your 1099-B, enter the information. Click Continue.
• Do these sales include any employee stock, click No.
• Do you have more than three sales on your 1099-B, click No.
• Do these sales include any other types of investments, click No.
• Did you buy every investment listed on your 1099-B, click Yes.  Click Continue.
• At the screen Now, choose how to enter your sales, select One by one.  Click Continue.
• At the screen Look for your sales on your 1099-B, click Continue.
• At the screen Now enter one sales total on this 1099-B, enter information. Click Continue.
• Repeat as necessary by clicking Add another sales total.  Click Continue.

In TurboTax Desktop, enter an investment by following these stepes: 

• Select Federal Taxes across the top of the screen.
• Select Wages & Income across the top of the screen.
• Select I'll choose what I work on.
• Scroll down to Investment Income.
• Select Start / Update to the right of Stocks, Mutual Funds, Bonds, Other.
• At the screen Did you sell any investments in 2022, select Yes.
• At the screen OK, let's start with one investment type, select Stocks, Bonds, Mutual Funds and select Continue.
• At the screen Let us enter your investment sale info, select Skip Import.
• At the screen Which bank or brokerage sent you this form, enter the information.  Continue.
• Do these sales include any employee stock, enter No.
• Do you have more than three sales, enter No.
• Do these sales include any other types of investments, enter No.
• Did you buy every investment listed, enter Yes.  Continue.
• On the screen Now, choose how to enter your sales, select One by one.  Select Continue.
• On the screen Look for your sales on your 1099-B, select Continue.
• At the screen Now, enter one sale, enter the information.  Continue.
• Select Add another sale as necessary.  Continue.

[praxisknight]

I received the bitcoin and the stock as a bonus for signing up for 2 different investment apps in 2022.  I reported them as Miscellaneous income in 2022.  So, how would I report the sale that I made in 2023 if I did not buy them?  Also, I did not receive a 1099-B from either app (i just sold these 2 investments).

[JulieS]

Yes, you still report them in that section, even if you don't have a 1099-B. Here's how to report it:

1. Sign in to TurboTax. 
2. Select Income & Expenses
3. Select Start or Update to the right of Stocks, Cryptocurrency, Bonds, Mutual Funds, Other, which is under Investments and Savings. 
4. Answer the first question Yes, or if you already have sales, select Add Sales.
5. Select Enter a different way.
6. Select the Other tile, then Continue.
7. Enter a description as the name, then select Continue.
8. For type, select Cryptocurrency, or Stock.
9. Answer I received it as a gift to How did you receive this investment?
10. For the next few boxes enter the information from your transaction. 
11. For Previous owner's cost basis, enter the value of the asset when you received it. That would be the amount you reported as taxable income when you received it.
12. Select Continue.
13. Repeat from step 4 until you have entered all of your transactions.