Capital Gains and Losses

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We have a personal savings and got a 1099 from the holder of…

We have a personal savings...
We have a personal savings and got a 1099 from the holder of our funds. Total ordinary dividends are $817, qualified dividends are $817, and Total capital gain distributions are $2001. In the summary of "proceeds, gain and losses, adjustments and withholding", they list Long-term proceeds as $27,354, Cost Basis as $46,102, with Net Loss of -$18,748 (All reported to IRS). I must report the $817 and $2001 on my tax form, but what about the amounts in the last sentence? Where are they reported, if at all? Does the Net Loss help me?
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Answered in 4 minutes by:
3/21/2018
Carter McBride
Carter McBride, Professor
Category: Capital Gains and Losses
Satisfied Customers: 1,308
Experience: Adjunct Professor
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Hey! I'm Carter, I'm a CPA and can help you out.

Yes, all of them need to be reported.

The dividends go on Schedule B.

The capital gain distributions will go on Schedule D, Part II Line 13.

The long-term capital gains go on Schedule D, Part II. $27,354 will be in column D, $46,102 will go in column E, $27,354 will go in column H.

Let me know if you need anything else. If not, please leave a rating. Thanks!

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Customer reply replied 4 months ago
Does the $18,748 Net Loss reduce my income amount or taxes?
You can use it to reduce any other capital gains. Then you can deduct a $3,000 loss from your income and carry forward any remaining loss.
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Customer reply replied 4 months ago
If no other capital gain for 2017, then only deduct $3000 from 2017 income, and carry forward the balance of $15,780 to offset any other capital gains or deduct $3K per year until all is gone. Correct?
Correct
Carter McBride
Carter McBride, Professor
Category: Capital Gains and Losses
Satisfied Customers: 1,308
Experience: Adjunct Professor
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Carter McBride and 87 other Capital Gains and Losses Specialists are ready to help you
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Customer reply replied 4 months ago
Much Thanks.
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