Do I have to report small capital loss on my taxes?

[meegangif]

I sold stock on Cashapp last year for a small loss of $6. I got an email saying I'll be getting a 1099 B. Do I have to report this on my taxes since it's such a small loss? I'm just worried that if I do I won't be able to use the free version of TurboTax.

[HelenC12 · Accepted solution]

Yes, you have to report the sale of your stock, no matter how small the gain. If you don't report it, it may slow down the processing of your return with the IRS. You'll also get a letter from the IRS requesting information on the sale. 

Related Information:

• How do I add or edit a 1099-B?

[bbgun]

you have a deduction of $6.00.

It's not going to make much of a difference if any on your return.

even considered as a gain, I doubt IRS will go after you for tax on $6.

[Mike9241]

it's not so much the loss but the sales proceeds reported to the IRS and whether the cost basis was also reported.  no one can say for sure that you'll get a notice from the IRS if you omit it but you are supposed to report it..  

[meegangif]

Thank you for your response, I'll be sure to report it! 

[meegangif]

That's what I was thinking too, but I think I'll end up reporting it just to be safe. 

[meegangif]

Thanks for your response, I'll report it just to be safe. 

[VolvoGirl]

If you don't report it the IRS will think the whole sale amount is a GAIN and tax the whole amount.  

[bbgun]

"If you don't report it the IRS will think the whole sale amount is a GAIN and tax the whole amount."

 That doesn't make much sense since the 1099-B shows both proceeds and cost basis.