So I had a short term capital loss on over the counter HEMP stock in 2016. It's still trading pubicly, type HEMP into google and you can see it. Hemp had recently been made legal on the federal level at least as far I was told. But they own other subsidiaries that are more involved with marijuana that are probably illegal on a federal level.
Am I able to deduct this loss on my federal return?
replying to xyzer, Robert NYCPA wrote: Yes you still have a capital loss. If there is an issue it is whether HEMP is permitted to deduct expenses, which is irrelevant to you.
You have no choice in the matter. You are required to report all stock sales on your tax return.
All stock transactions on Form 1099-B must be reported on Form 8949 and Schedule D.
The results from Schedule D go on Form 1040.
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