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

[dkh]

I found this thread.  See if it helps   https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/loss-from-worthless-124...

[Terry53029]

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

[nolanm]

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]

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

[nolanm]

I am losing my mind - too many late tax prep nights,

Sorry it is a 1244 loss per Terry's instructions

Thanks Nolan

[qbteachmt]

Please note @nolanm  posted their own topic, here:

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/1044-loss-from-sale-of-...

No need to keep asking the same community in multiple places, and not in old topics, because the software and the tax rules do, in fact, change. Thanks.

[nolanm]

whats your problem @qbteachmt ?

not helpful

[qbteachmt]

"whats your problem"

There is no Problem. There is only a request from Intuit, to help you get the answers, by helping the Peer Users that volunteer to help you, to provide a way to Flag your topic, so that the Volunteers do not end up trying to follow your topic in one place, then not realize they are helping the same person in another place, for the same issue. And then a person Asking, will put different pieces of their details in the different places, so the volunteer peer users that Volunteer to be helpful also cannot see the full picture, or that something offered was already tried.

In other words, this is a Community forum. It is not Customer Support nor Tech Support.

Be Nice to Volunteers. I left them a Road Sign, that for you to get the specific help you need for your specific tax year program, you did, in fact, start your own topic.

Because as you already know, a lot of stuff in this topic doesn't even apply to what you asked.

You're Welcome.

[nolanm]

If you or anyone else has guidance re my question I would highly appreciate it, your lecture on etiquette not withstanding.

Thanks Nolan

[qbteachmt]

"If you or anyone else has guidance re my question I would highly appreciate it, your lecture on etiquette not withstanding."

You should keep following your own topic, and that is where sjrcpa is already trying to participate:

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/1044-loss-from-sale-of-...

And you can edit your input there to correct the loss type you are asking for help with.

And etiquette isn't the issue. Everyone is Busy, Too. You get help from peers, and making it easy for you to get that help, and participating in your own topic so that you get that help, is how you get help from peers in a Discussion environment.

If you want Customer Support, you should contact Intuit.