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Forum|Forum|1 year ago
January 9, 2025
3 replies
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Bsch4477

Level 15

You will receive a 1099-B from your brokerage. Report that in TurboTax and the program will do all the calculations for you.

ra008Author

Level 2

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Bsch4477

Level 15

We’re confused.
1. A U.S. brokerage will send a 1099-B.
2. If you put 10K into an account to invest and you made a profit of 3K why do you not have 13K? What happened to the other 7K?

VolvoGirl

Level 15

You only enter your actual sales. Then it will calculate your overall gain or loss. THEN If you have a net loss you can only deduct up to 3,000 per year. The rest you will have to carryover until it is used up.

Mike9241

Level 15

You are leaving out something because your numbers don't make sense. Don't know how important this is.

if you put in 10K and had a realized profit of 3K you should have cash of 13K. To have a negative cash of 7K would mean either you withdrew cash and/or you bought securities of about 20K that haven't been sold and/or you had a loss of 17K or something else. We don't know what you are trading. This may be important if you're trading commodities and/or are doing hedging transactions. The reporting may not be as simple as reporting the profit/loss on closed positions.

Mike9241