I have received taxable and nontaxable distributions (return of capital) for this particular racehorse during her career. Now, they have retired the horse and since I have a net investment loss, can I write it off?
Yes, you can deduct a capital loss on such an investment. You enter investment sales in the Wages and Income section of TurboTax, then Investments Sales, then Stocks, cryptocurrency, Mutual Funds, Bonds, etc... Skip the section where it asks if you want to upload your tax documents. Choose Other as the type of investment you want to enter. You'll be able to enter the investment sale amount and cost, the sale amount will be $0 and the cost will be the amount of your loss that you have not already reported on your tax return.
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