Atlanta tax expert,
I bought a share from company for 55 dollars and sold for 50 dollars,
Do I have to report this?
Which schedule should I use?
Is this capital loss?
I have 1099 from the sharebroker firm.
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Atlanta tax expert,
I bought a share from company for 55 dollars and sold for 50 dollars,
Do I have to report this?
Which schedule should I use?
Is this capital loss?
I have 1099 from the sharebroker firm.
Manisha:
If you have the 1099-B, then you have to report it on Schedule D. The IRS will be looking for the Schedule D to offset the Form 1099-B they received.
Follow the instructions on how to fill in the Schedule D. Be sure to add the cost of buying and selling the stock to the basis to maximize your loss, which can offset other income (like salary or wages).
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