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Deducting debt investment ordinary losses

kapama

I got a 1099-B tax form from Groundfloor, a crowdfunded real estate investing company, for my losses in investing their debt instruments called Limited recourse obligations called LROs for short. In the form, ordinary loss and long term gain and loss boxes are checked. I am used to entering capital losses, but I am not sure where to enter the ordinary losses in freetaxusa. Please help.

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Comments

MatthewD

Is this a publicly traded partnership? If it is, then FreeTaxUSA does not support the entries for your return and you would need to use another tax service.

The only option to enter an ordinary loss, would be to use the Other Income page and enter a negative amount for Misc Income.

kapama

short term loss is different than ordinary loss. Ordinary loss directly offsets income while short term loss may offset long term capital gain if there is no short term gain. It is not the same thing.