How do I enter losses with no 1099-B form

Forum|Forum|3 years ago
March 28, 2023
1 reply
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I sold some shares overseas - at a loss - but the broker (custodian located overseas) does not issue any 1099-B forms. How do I report this?

Sincerely,

Juha

Not A Product Question

Best answer by Vanessa A

Yes, you are correct. Some losses are just losses and you do not get any type of tax break from them.

Depending on what your taxable income was, if it was already at $0, decreasing your income by another $800 would not have any affect as it was already $0. You cannot be reimbursed in the way of a refund for your losses.

However, as mentioned above, you can carry forward capital losses if you cannot use them in the current year. So maybe if you were unable to benefit this year, you could next year.

Also, if the loss was $800, you probably would not see much of a difference. Depending on your tax bracket, even if it is at the 22% mark, you would only see a benefit of about $18 if your income was reduced by that $800 on this years return.

HelenC12

You would enter the sold shares as if you had a 1099-B form. You'll be able to select "did not receive 1099-B form".

Here are the steps to enter your investment sale:

Sign into your TurboTax account.
Select Pick up where you left off.
Select Federal from the left side menu, then Wages & Income.
On the Wages and income screen, scroll down to Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) and Edit/Add.
Continue with the onscreen interview and select Okay! on the screen Time to kick off your investments! OR Yes on the screen Did you sell any of these investments? then Continue
- If you see Your investments and savings or Your investment sales summary, select Add investments or Add more sales
When you reach Let's import your tax info screen, select Enter a different way.
On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual funds and Continue.
On the Which bank or brokerage is on your 1099-B? screen, enter the information and Continue.
On the Tell us about the sales on your XXX 1099-B screen, answer No to the first three questions. On the Did you buy every investment listed on your 1099-B? question, answer Yes (if you did buy it) and Continue.
When you reach the Now, enter one sale on your XXX 1099-B screen, enter the information. In the Sales section box, you'll be able to select Short-term did not receive 1099-B form or Long-term did not receive 1099-B form.
Continue entering the sale of your stock.

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.

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juham2013Author

Hello Helen,

I appreciate your detailed response.

Just wondered why the losses (about $800) I incurred didn't impact the Federal back taxes at all? Not particularly wealthy and was expecting those losses would have some effect, but I assume that some losses are just that, losses, that end up being out-of-pocket.

Vanessa AAnswer

Yes, you are correct. Some losses are just losses and you do not get any type of tax break from them.

However, as mentioned above, you can carry forward capital losses if you cannot use them in the current year. So maybe if you were unable to benefit this year, you could next year.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"