TT2023: Can't enter sale of capital asset without 1099-B

Forum|Forum|2 years ago
March 30, 2024
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In TurboTax 2023, I can't enter my capital asset sale from a small privately held LLC without a 1099-B.

Using TurboTax 2022, when I add a capital asset sale it asks me if I received a 1099-B.

TurboTax 2023 does not ask that question so it won't let me enter the sale without one.

How can I enter the sale in TT2023 without a 1099-B?

TIA!

TurboTax Home & Biz Windows

Best answer by DawnC

Yes, we are using different versions, but you are in the right place. It doesn't matter what name you use if you're entering your sales manually because there's no broker/bank identification that's included in the income tax return. All security sales show up with the same basic information of:

Description of what was sold
Date of sale
Proceeds
Date of acquisition
Basis

The financial institution name is strictly for your use and utility. So, if you facilitated trades through 4 different brokers and needed to edit one trade, you would be able to find the transaction easier.

DawnC

Employee

You don't need a 1099-B to enter a sale. In TurboTax Business, go to Federal Taxes >> Income >> Investment Income >> Capital gains or losses - Start.

You will be asked if you have sold any capital assets this year, answer YES.

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kmck2Author

When I do so, it asks me to enter the bank or brokerage that gave me the 1099-b.

It was a private transaction. Should I enter the seller's name?

DawnC

Employee

You don't need it. After you answer Yes to selling capital assets, the next screen asks about non-portfolio assets. Answer Yes on that screen. Then click on Add another single transaction. Then answer NO to the 1099-B question.