It depends.
Special rules apply if you're a trader in securities, in the business of buying and selling securities for your own account. The law considers this to be a business. To be engaged in business as a trader in securities, you must meet all of the following conditions:
The following facts and circumstances should be considered in determining if your activity is a securities trading business:
If the nature of your trading activities doesn't qualify as a business, you're considered an investor and not a trader. A trader must keep detailed records to distinguish the securities held for investment from the securities in the trading business. The securities held for investment must be identified as such in the trader's records on the day he or she acquires them (for example, by holding them in a separate brokerage account).
Traders report their business expenses on Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship). Commissions and other costs of acquiring or disposing of securities aren't deductible but must be used to figure gain or loss upon disposition of the securities. Gains and losses from selling securities from being a trader aren't subject to self-employment tax.
It depends.
Special rules apply if you're a trader in securities, in the business of buying and selling securities for your own account. The law considers this to be a business. To be engaged in business as a trader in securities, you must meet all of the following conditions:
The following facts and circumstances should be considered in determining if your activity is a securities trading business:
If the nature of your trading activities doesn't qualify as a business, you're considered an investor and not a trader. A trader must keep detailed records to distinguish the securities held for investment from the securities in the trading business. The securities held for investment must be identified as such in the trader's records on the day he or she acquires them (for example, by holding them in a separate brokerage account).
Traders report their business expenses on Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship). Commissions and other costs of acquiring or disposing of securities aren't deductible but must be used to figure gain or loss upon disposition of the securities. Gains and losses from selling securities from being a trader aren't subject to self-employment tax.
I got a document from Robinhood with 1099-DIV, 1099-B and 1099-MISC. How can I report this using the free version? I am unable to edit my imported Robinhood 1099-B and 1099-MISC account info because I did not pay for the Deluxe or Premier.
@celmg, the free version of TurboTax is for basic returns. It does not support 1099-DIV, 1099-B and 1099-MISC. You will need to get the Premier Version to enter those.