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Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1561
Experience:  22 years of tax preparation experience, including individual, trust, and estate returns.
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During the year 2009 I did what they call day trading. Each

Customer Question

During the year 2009 I did what they call day trading. Each day I would buy and sell various stocks. at the end of the year I received a consolidated form 1099 showing all the buys and all the sells. I lost a lot of money doing this. Can I deduct any of this loss on my 2009 1040. If so how much and where do I enter this using Turbo tax software.
Also, how about any carry over for next year. how do i handle that. Thanks for your help.
Submitted: 7 years ago.
Category: Tax
Expert:  Arthur Rubin replied 7 years ago.
In no specific order;

The actual tax form it's reported on is the 1040 Schedule D. If you go to forms mode, select that form, and then go back into interview mode, you can get to the appropriate interview section. The interview mode also allows import from a spreadsheet, some brokers with online statements, or GainsKeeper.

You can take up to $3000 in losses each year, the remained is carried over to future years. If you use TurboTax in future years, you can see the carryover in the carryover worksheet. If not, you can copy the amounts from this year's carryover worksheet directly into next year's Schedule D.
Expert:  Arthur Rubin replied 7 years ago.
If you go through the menus, for 2009, it's
Personal Income
Investment Income
Stocks, Employer Stocks, Other