Did you have sales? You have to report sales. You should get a 1099B for it. You need to enter the sales price and your cost so the IRS will know if you have a Gain or a Loss. You can deduct a net loss on your tax return up to 3,000 (1,500 for MFS). The rest of the loss you can carry over to next year. You will need to upgrade to Online Premium to enter sales.
Enter a 1099 B under Federal Taxes on left or Personal (Home & Business) Wages & Income Then scroll down to Investments and Savings Then Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) - click Start Then click Add Investments at the bottom Next screen hit Continue
If you have an overall net capital loss for the year, you can deduct up to $3,000 of that loss against other kinds of income, including your salary and interest income.
Capital gains, losses, and 1099-B forms are all entered in the same place:
Open or continue your return in TurboTax.
Search for investment sales and then select the Jump to link in the search results.
Answer Yes to the question Did you have investment income in 2023?
If you land on the Your investments and savings screen, select Add investments.
Follow the instructions and we'll calculate the gain or loss from the sale.
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.