1099-B

Forum|Forum|4 years ago
April 12, 2022
2 replies
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Proceeds from Broker Transactions shows 'Realized Loss'. Still the Turbotax only imports the proceeds from this sale. The proceeds are less than the cost basis. Should I be paying tax on the 'proceeds' ? All transactions are long term.

PVN

Hal_Al

Employee

Q. Should I be paying tax on the 'proceeds' ?

A. No.

If TT only imported the proceeds, you need to manually enter the cost basis.

JulieS

You have to report all of your proceeds. You also report your basis (what you paid for it), which is subtracted from your proceeds and that amount is your capital gain.

If your import didn't include the basis, you will need to review the transactions and fill in the missing basis. In some cases, brokers are not required to report your basis and you have to add that amount to your return.

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