You don't pay taxes on stock losses, but you do have to report all stock transactions, both losses and gains, on IRS Form 8949
If you receive a 1099-B from your broker just enter the information in TurboTax.
Failure to include transactions, even if they were losses, might raise concerns with the IRS.
-follow these link(s) for additional information-
Guide to Schedule D: Capital Gains and Losses - TurboTax ...
you actually get a tax deduction for that loss, so it is in your best interest to post it on your tax return.... you can deduct up to $3000 of losses per year and if you have more than $3000 of losses, the rest will carry over to next year and then next year, etc. until it is all used up.
Thanks for your quick reply Sir,
Can you please suggest me that can I do this on free edition of TurboTax? And if not, then what edition is perfect for this situation as I only have 1099 form which shows only that one transaction and loss.
I am a newbie in this so don't know.
Thank you for your help!
@NEel01 - how much did you lose, if it is a very small amount, it may not be worth it
forget it; don't bother with it. if you are in a 12% tax bracket, it'll save you a big 75 cents!
@NCperson So if I don't include that on my tax that will be good right?
And this won't bother in my tax or get any obstacles?