Bought a few hundrd dollars of a stock or 2 &lost it all &got $20 back. Same w/ doge coin.Lost like 3-400$. Do i still have 2report such small amounts esp since i LOST!?

[Critter-3]

ALL sales  must be reported on the Sch D  and you WANT to report the losses so you can take them on your return.  

[Mike9241]

if you get a 1099-B also certainly you'll have to report the trades because if not when the IRS tries to match the 1099-B info it got with what you reported (in your case nothing) you will get a letter from the IRS inquiring about the missing info. 

[mjpaff]

Ok thanks so much- ugh. Never done that before so im clueless. So even though i didnt make any income but instead lost my butt- i still have to report IF, IF, i get a form from Etrade or Webull.  and  I can still do the basic easiest form i always do here at Turbo right? Hope those forms come in January!

Appreciate it

[SteamTrain]

@mjpaff 

Unfortunately.....anything with a Schedule D reporting stock or crypto transactions....it will require that you use the "Premier" version....IF you use the Online software.

_____________________

IF you use the Desktop version (requiring a full MAC or Windows computer), you could use any version.....but if you have a state to file, then Deluxe would be best (since "Basic" doesn't include a free state software set).

But if you do go the desktop route using Deluxe, be careful about buying the cheapest form 3rd party suppliers.   Make sure it has the state with it since there are some Deluxe packages without a state for the folks who line in non-income tax states.

[mjpaff]

Can you plz elaborate?

[mjpaff]

I dont have to file state

[SteamTrain]

If you use TTx

to report those transacions, You'll have to use either:

a) "Online" Premier software

or 

b) any of the desktop versions  (I'd still use Deluxe if you went this way though...easier to work thru)

_________________________

Online will store your files for ~7years if you use it every year.

........with Desktop you have to store and backup your own files.

your choice

[VolvoGirl]

To report the sales you will need to upgrade to the Premier online version.  Or if you buy the Desktop CD/Download program you can buy Basic or Deluxe.  All the desktop programs have the same forms.  You just get more help in the higher versions.

You need to report it or the IRS will think it is all gain and won't know your cost and if you have a loss.  And you can deduct a loss from your other income.  

[mjpaff]

Thanks for the info. Im EXTREMELY confused. In early Feb for the past 5 years for $0 i have used tt to do my taxes. Takes 5 mins. I get one check a yr and have nothing else. Now i just sold two or three stocks and lost 99% of it. Literally left with $20. Also, i have no state tax here. Can u plz elaborate like ur speaking with a basic moron(coz i am) and tell me more...lol. I really appreciate it as im getting diff answers and dont know where else to turn. 

[mjpaff]

Thanks for the info. Im EXTREMELY confused. In early Feb for the past 5 years for $0 i have used tt to do my taxes. Takes 5 mins. I get one check a yr and have nothing else. Now i just sold two or three stocks and lost 99% of it. Literally left with $20. Also, i have no state tax here. Can u plz elaborate like ur speaking with a basic moron(coz i am) and tell me more...lol. I really appreciate it as im getting diff answers and dont know where else to turn. 

[VolvoGirl]

What different answers are you getting?  What exactly don't you understand?  You have to use a higher paid service this year to report the sales.   Maybe you should go to a local tax place to get help in person.  

What one check per year do you get?  You only get 1 check for your income?  Do you work?  Do you get Social Security.  Does someone claim you as a dependent?     

[fanfare]

your 1099-B goes to the IRS and will show a loss of most of your investment.

It's doubtful IRS will come after you for not reporting this loss.

If you report the loss, it is deductible so in that way it is to your advantage to report.

The higher cost of the TurboTax upgrade may cancel it all out.

Note: if you want help entering the report, reply back later when the broker has suppled the details to you in February.

@mjpaff 

[fanfare]

Maybe you qualify for the IRS Free File program, so you can say bye-bye to TurboTax high costs.

@mjpaff 

[Critter-3]

There are still eight various software providers who will participate in the Free File program but they will not be available until sometime in January----so if you want to use one of them---WAIT.

Use this IRS site for other ways to file for free:

https://apps.irs.gov/app/freeFile/