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I received 24,000 dollars back after a sale of stock but my cost was higher than my sale. it shows negative lost. but how do i claim the money i did get.

Forum|Forum|7 years ago
June 3, 2019
6 replies
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my proceeds on 1d is 77179.26 my cost basis is 88300.19 but where do i put the income i did get.

TurboTax Premier Online

Best answer by SweetieJean

Answered in comments.

VolvoGirl

Employee

You only enter the sales price and the cost. Turbo Tax calculates the gain or loss. The proceeds you got from the sale don't matter.

If you have investment sale losses, after you subtract the losses from your gains you can only deduct up to 3,000 per year. You can only deduct up to 3,000 (1,500 MFS) loss per year after any gains you have. So if you have a lot of current gains you can use up the loss. The rest you will have to carryover until it is used up.

VolvoGirl

Employee

Oh I guess they do call it sale proceeds.  You didn't see the spot to enter it?  You are entering the 1099B here?

You should get a 1099B for sales.
Enter a 1099B  under
Federal Taxes Tab
Wages & Income
Then scroll down to Investment Income,
Then Stocks, Mutual Funds, Bonds, Other - click Start or Update

P

philip5300Author

ok thank you . i think i get it.

P

philip5300Author

So The money i received at the time of the sale, doesn't get added to income on my taxes because it was from a loss...correct?

VolvoGirl

Employee

Right. Just the gain or loss.

S

SweetieJeanAnswer

Employee