How do I enter a $20,000 section 1244 stock sale loss to avoid the $3,000 capital loss limitation ?

Forum|Forum|4 years ago
September 16, 2021
2 replies
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ProSeries Professional

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dkh

Level 15

I found this thread. See if it helps https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/loss-from-worthless-1244-stock/00/89212

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Terry53029

Intuit Community Champion

The entry has changed for 2020 in ProSeries. You have to go to the 1099B worksheet, and scroll down to quick entry table. Then you double click in any field. That will take you to the capital gain (loss) adjustment work sheet. Scroll all the way to bottom part IV. You will see sec. 1244 loss on form 4797

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nolanm

Level 5

Hi Terry

TP sold shares in LLC for a loss of $80k. MFJ.

I am trying to enter a 1044 loss. Followed your directions and entered the loss into section 4 as 1044 loss, but tells me this field should be blank. Entered into 1099-B, but cannot find a way to tag it as 1044 loss.

Also tried to enter into 4797, but I believe this is for business property.

Any guidance appreciated

Thanks Nolan

dkh

Level 15

Terry's instructions were for a 1244 loss you say you are trying to enter a 1044 loss

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