Stock Sale that was a loss

[Justjoan1]

I took a $16 loss on a stock sale. If I report it I have to upgrade to a higher level package on turbo tax. I only made that single sale. Can I disregard on my taxes

[Mike9241]

the issue is that the IRS will get a 1099-B with the proceeds reported whereas your return will show no proceeds. You might get a notice from the IRS for the missing proceeds (it may depend on the amount).  so you have  options. don't report the sale and wait to see if you get a notice and follow the instructions on it, e-file correctly or paper file with a manually prepared schedule D.      

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[Cynthiad66]

Yes, you can disregard it because it is considered De minimus.  However, that does not mean that the IRS will not discover it and send out a notice for the $16.  Just keep records to show that you are aware of the transaction and decided it cost more to include it in taxes.

You can also be creative and show the $16.00 as other income with an explanation.  A single transaction for such a small amount should not cause a problem.

Here is how to enter Other Income:

1. Click on Federal > Wages & Income.
2. Scroll down to the Less Common Income section.
3. Click on the Start/Revisit box next to Miscellaneous Income.
4. Scroll to Other Reportable Income Click Start/Revisit.
5. Enter the Description and amount. 

@Justjoan1