Hi guys, I am ready to file tax for last year, but thing is I traded stocks, but lost some of it, another word I didn’t make any profit.

My broker company has sent me an online statement, it has more than hundred transaction which I made.

Now, I am doing turbo tax, it has a box (7) says enter company name, but I have more than 30 companies name, how to type all companies name in the box??

Schedule D:  Each line for each company.  if you traded 30 times, enter 30 trades .. one on each line.  There is a supplemental form for sch D, if the sch D does not have 30 lines to fill out. 

http://www.irs.gov/pub/irs-pdf/f1040sd.pdf

http://www.irs.gov/pub/irs-pdf/f1040sd1.pdf

the maximum loss you can deduct in any given year is limited to $3000. However, you can carry forward those losses for the future years and deduct not exceeding 3k each year. I have not used TurboTax lately but there should be a way to type more than one stock/company in there. Look for add function in there.

hey guys,

suppose i invested 5000 dollars and i lost 1000 in last year and i still have 4000 in my stocks, do i need to file this information in tax?  since i did nt make any money, can i just skip reporting this part or like someone mentioned above i can get credit for the loss of 1000 dollars? 

ok, here is the thing:

I bought and sold stocks many times last year.  I made profits and I has losses.  By the end of the year, it was loss.  So, basically i lost certain amount from last year however, i still own those stocks.  The stock value is now less than what i invested.  In such case, do i need to report the transactions i made during last year even though i still own stocks in loss and never transferred money to my bank account?  worse part is, i already filed tax.  :(

I am in the exact same situation as AAAA. I bought and sold stocks many times last year. Sometimes the same stock within 31 days sometime different stock. I never withdrew any money from my stock account to my bank account. Overall I had a loss (very minimal). Lets say I started with $5000 and  the balance on my portfolio at the end of the year was $4500.

Now my question to the tax experts here is:

If I don't want to deduct the loss ($500), can I file my 2009 Tax without even mentioning this stock thing? Will IRS question me why I did not include my loss?

Serious answers only, please.

Hi Elixir,

Thank you for your suggestions. Yes I know I could save around $125 if I show the loss. But I am too lazy to go back and enter all the (probalby more than 100 transactions) sales of my stock. I hope the IRS won't mind me not reporting the loss.

Spur,

You can file an amended return 1040X, if you would like to which can be done right away. It's better to utilize this year since there is a limitation as to how much you can deduct each year. for example, if you happen to have a net loss of 6000 next year, your limit to deduct is 3k. In that case, you can deduct 3k next year and 3k following year. Therefore, I would recommend to file an amended return for 2009. However, theoritically you should be able to report this loss next year too since these losses can be carried forward.