Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   Lost $500 in stocks (https://www.askmehelpdesk.com/showthread.php?t=300961)

  • Jan 8, 2009, 12:40 PM
    taxkamara2009
    Lost $500 in stocks
    How can I claim my losses on my 2008 tax return? If yes do I deduct $500 additionally to the standard deduction? I file form 1040. Which Line do I claim my losses on?

    Thanks a lot
  • Jan 8, 2009, 12:56 PM
    ebaines

    Use schedule D to report your realized capital gains and losses. Make sure that the sales amount you report on Schedule D agrees with the 1099-B form that your stock broker will send you by the end of January. Your loss gets transferred from Schedule D to line 13 of form 1040. You show the loss as a negative number, so the sum of your adjusted gross income on line 22 and then line 36 is reduced by your $500 loss.

  • All times are GMT -7. The time now is 12:25 AM.