How to change uncovered losses to covered losses

Forum|Forum|1 year ago
March 28, 2025
1 reply
0 views

I sold some old holdings which were not reported to the IRS. The sales incurred losses. If I enter the proper info manually under sales I see no option other than clicking on LT unreported to IRS option if I'm to be honest

Best answer by fanfare

My mistake. It all imported from Fidelity as a 1099, but it didn't count as a carry forward loss as some of the loss occurred before it was required to track cost basis

IRS says:

"For non-covered securities ( BOX B or E) showing zero (wrong) basis, enter the correct basis yourself.
Use code "B" and put -0- in col (g)."

TurboTax will do this if you ask it to.

Sorry some how I misread your original post.

@SN70

fanfare

Employee

You have to tell TurboTax you did not get a 1099-B. your transction is marked Box F.

If you sold items at a loss and you are using F8949

Loss on Personal Items is not deductible so you have to enter an adjustment to cancel the loss,
the adjustment is in Col g. the adjustment code (Col f) is "L"

Description: "personal items"

Gain on Personal Items is a taxable gain.

you can also adjust for expenses of sale.adjustment code is "E" or "LE".

The proceeds subtotals should add up to your 1099-K

====

See IRS website for another way to report those sales.