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I will have a $6,000.00 stock loss . Can I file 1040 form an still take the standerd deduction an the stock loss or do I have to go long form ?

Forum|Forum|6 years ago
June 1, 2019
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Best answer by Hal_Al

Yes, you can still take the standard deduction. Stock losses are not a deduction, they are negative income and have a line on form 1040 to be reported on.

Form 1040 is the "long form". Capital gains and losses are reported on form 8949 and schedule D. Your net capital loss, goes to line 13 of form 1040, but no more than -$3000. By law, capital losses are limited to $3000/year. The other -$3000 will carry over to next year to be deducted or reduce capital gains on sch D.

SteamTrain

If you have a stock sale (and loss), the use of Online Premier will be the minimum software required . you cannot use Online Free or Online Deluxe to report that loss.

Any of the Desktop versions will report it, even "Basic".....but desktop Basic does not include one free state software set...Deluxe+State desktop software would be cheaper if you have a state.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

S

SweetieJean

Have you actually sold the stock?

Hal_AlAnswer

Yes, you can still take the standard deduction. Stock losses are not a deduction, they are negative income and have a line on form 1040 to be reported on.

Form 1040 is the "long form". Capital gains and losses are reported on form 8949 and schedule D. Your net capital loss, goes to line 13 of form 1040, but no more than -$3000. By law, capital losses are limited to $3000/year. The other -$3000 will carry over to next year to be deducted or reduce capital gains on sch D.