joshuabarksatlcs
Level 10

A day or so ago, an Asker asked:  "I have a total of $710,271 in short and long term losses. Why does line 7 of my 1040 indicate a loss of only $3,000???"

@IRonMaN  said: Based on the sophistication of that question I'm thinking you might be looking for Turddotaxx.

@George4Tacks  said: It is because it is the right thing to do.

All good....  This would have been my comment: 

If it were me I would say: "Line 7 of my 1040 indicates a loss of $3,000.  OMG How in the world did I lose $710,271???!!!"

That got me thinking, Friday afternoon regimen (for those who don't already know, bourbon) in hand. 

Scenario one: If one had earned the money, would he/she/it lose $710K in one year?

Scenario two: If all that lost $$$ had been handed down, who would hand it down without handing down also the name of a prudent tax geek?    

 

Which brought e to this Tax IQ or rather trivia question.  Whoever comes up with a reasonable answer earns my kudos and a shot of my regimen.  (Didn't I mention this already?  I come here only for kicks, drama, and kudos?)

 

I lost a lot of $$$ in stocks.  NO margin account.  NO crazy calls and puts.   Just in stocks.

I lost $710,271 according to my 2021 brokerage statement.  (Likely Robinhood).  I know I did NOT have that much money in the account, but after entering the info in Turbo tax, OMG I lost $710,271.  I check the math, what I had entered in TurboTax.  NO math error there.  

What did I miss?

Can you come up with a plausible explanation for my $710,271 loss? 


I come here for kudos and IRonMaN's jokes.