Do I have to report Capital Losses?

Forum|Forum|6 years ago
June 1, 2019
3 replies
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I don't need any deductions, the losses are negligible and won't help me this year get any greater credits, so do I have to report them. I would rather submit the completed tax return now. So do I have to submit the capital losses or can I just submit my tax return now and amend/add them later?

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Best answer by Celery63

Any capital asset sales create a taxable event. You must report all sales and determine gain or loss. Do not fail to do that. The IRS gets a copy of the 1099-B that will report the sales to you. If you do not report it, then you can expect to get a notice from the IRS declaring the entire proceeds to be a short term gain and including a bill for taxes, penalties, and interest. You really don't want to go there. Report the sale based on the 1099-B that you will get.

bigtaxquestionsAuthor

Employee

Follow up, even though there is no gain at all I get that, but I should be able to file an amendment correct? I don't want to wait another month and a half to get the 1099, and then I can either pay or receive more?

Celery63Answer

bigtaxquestionsAuthor

Employee

Follow up, even though there is no gain at all I get that, but I should be able to file an amendment with that information later on correct? I don't want to wait another month and a half to get the 1099, and then I can either pay or receive more (since it's losses and I wouldn't get anything additional) I'm assuming they would just process the new info and that would be that.

smoore22031

If I have a stock losses of $-3000 that is reported on my Form 1040 line 7 "Capital gain or loss.", am I forced to write that losses off this year when its not needed? Also, may it be carried over to the following year instead?