Capital Gain/Loss Reporting

jakefromPA
jakefromPA Member Posts: 4 Newcomer
in Income

This year’s return is rare for me - I have both capital gains and losses. After completing my return I noticed that I wasn’t asked if I had gains or losses last year. Where on my return do I find the page/box to input that information?

Thanks and regards,

jakefromPA

Best Answer

  • JanaA
    JanaA FreeTaxUSA Agent Posts: 134 image
    Answer ✓
    Hello JakefromPA! The Capital Loss Carryover section is only for losses that carried over from a prior year.

    To report your 2025 stock and fund sales (both gains and losses), please follow these steps:

    1. Select the Income tab
    2. Choose Investments and Savings from the drop-down menu
    3. Click +Add an investment
    4. Select Stock sales (1099-B)

    From there you can enter each sale individually, or if your broker provided summary totals, you can enter those. Both gains and losses are entered on this same screen, and the software will calculate the net result and carry it to Schedule D automatically.

Answers

  • MatthewD
    MatthewD FreeTaxUSA Admin, FreeTaxUSA Agent Posts: 857 image
    Hi JakefromPA,

    To report prior year capital loss carryovers, see the Income menu and select, "Capital Loss Carryovers from Last Year". Use the "Capital Loss Carryover Worksheet" to calculate your capital loss carryovers from last year to the current tax year.
  • jakefromPA
    jakefromPA Member Posts: 4 Newcomer

    Matthew,

    Thanks for your quick response. I’ll try it tomorrow when I’m back home however I’m pretty sure that last year when I prepared my ’24 return, before entering any data on the Income menu I was asked if we sold any fund or stock holdings. I was not asked that this year - did FreeTax modify the format this year?

    Regards.

    jakefromPA

  • jakefromPA
    jakefromPA Member Posts: 4 Newcomer

    Matthew,

    The Capital Loss Carryover Worksheet that you mentioned above is only for losses that were not able to be fully captured last year. I have BOTH losses and gains for ’25 and wish to claim both on my ’25 return. I rechecked my Personal and Income worksheets and can find no prompt asking me if we sold funds or stocks. I must be missing something here as, in my view, this is pretty basic information that should be easily added to the return. Please advise.

    Thanks and regards,

    jakefromPA

  • jakefromPA
    jakefromPA Member Posts: 4 Newcomer

    JanaA,

    Your guidance was spot on! Thank you very much for the quick assistance.

    Best regards,

    jakefromPA

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