If you’ve sold any stocks during the tax year, it will be reported on a Form 1099-B which you will receive from Robinhood.
You need to transfer the information from your 1099-B to a Form 8949. Form 8949 is used to document sales of stocks. You’ll be required to divide your trades into long-term and short term. Short-term are held for less than one year, while any assets over a year in ownership are known as long-term trades. On Form 8949 you’ll be able to determine your initial capital gains or losses.
If you sold stock at a loss, you can use the loss to offset capital gains you had from similar sales. If the net amount of all your gains and losses is a loss, you can report the loss on your return up to $3,000. Losses beyond that amount can be deducted on future returns as a capital loss carryover until the loss is all used up.