Robinhood

[Manny1093]

I sold stocks that I gained on free from robinhood, the one I bought loss.  Would I need to report this on my taxes ? From

Texas.

[MindyB]

Yes, these transactions are reportable, on your Federal return, schedule D. The free stocks are a capital gain and the one you bought is a capital loss. You can offset losses to the extent you have gains.  If your losses exceed your gains, you may only deduct $3,000 and the remainder of the loss will be carried forward to a future tax year.

Robinhood will provide a 1099 that you can use to help prepare your return.

Here is an article you may find helpful: Answers to Common Questions from New Investors on Investor Apps, Accounts, and Tax Forms