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Visitor II

Confused by long-term transaction not reported to IRS

Should a long-term transaction (a capital loss in my case) not reported to IRS be usable to offset long-term capital gain? I provided all these information to TurboTax, and it seems the "not reported" amount is ignored, resulting in about $1600 taxable gain, instead of $3000 loss.

 

The unreported amount is related to a sale of RSU vested a few years ago.  Back then, the full amount was taxed.  So, I could consider that as a virtual transaction in which my company gave me extra income equal to the market value of the RSU, and I used that to buy company's stock.  On the 1099-B form, cost-basis is 0.  But adjusted cost basis reflects the market value at vesting time.

 

In short, I'd two stock sales, one is reported in box-D (reported), which is a long-term gain.  The other is reported in box-E (not reported), which is a long-term loss.  Turbo tax seems to ignore my loss.  What is the reason?

 

 

1 Comment
Visitor II

Confused by long-term transaction not reported to IRS

No one understood this question?  Is this a bug with Turbo Tax?  Or did I miss something?  Or is it expected?