Where do I enter a capital gain or loss?

Capital gains, losses, and 1099-B forms are all entered in the same place:

1. Open or continue your return.
2. Navigate to the investment sales section:
   • TurboTax Online/Mobile: Go to investment sales.
   • TurboTax Desktop: Search for investment sales and then select the Jump to link.
3. Answer Yes to the question Did you have investment income in 2024?
   • If you land on the Your investments and savings screen, select Add investments.
4. Follow the instructions and we'll calculate the gain or loss from the sale.

Your total capital gains for the year minus your total capital losses result in a net gain or a net loss.

You can deduct a net loss of up to $3,000 ($1,500 if married filing separately). Any capital loss you couldn't deduct this year can be carried forward and deducted on future tax returns as a capital loss carryover.