Friday, April 29th, 2016

tax from income and income loss from stock trading?

I started? buying and selling shares in this to? o. I’m doing my numbers end in? Or my visit to my accountant. “C” mo I can do? Where, b? Basically, subtract the p? Losses of earnings to arrive at a total profit / p? Loss I’m trying to get an idea before I saw her.? Qu? do with the population which still? a est? n in my account? I subtract commissions p? losses of profit and increase the amount?

Comments

3 Responses to “tax from income and income loss from stock trading?”
  1. mtbiker904 says:

    Yes, you subtract commissions.

    Stocks you still own will not count until you sell them, unless you received a dividend from them.

    Each buy/sell counts as a new line item deduction. A gain could have a tax attached to it, if so, you will pay it.

    If you have more losses than gains, the taxes on the gain will be taken off amount of losses, visa versa.

    A loss will count as a deduction, you can write off up to 3000 dollars of losses a year.

    All this is spelled out in the 1099 form…

  2. Jeff says:

    When figuring your taxes, look up information for Schedule D (capital gains and losses)

    You will have to list every stock you sold in the past year, along with how much you bought it for and how much you sold it for.

    WIth stocks that you still own, you’ll deal with the taxes in the year you sell them.

    There will be a space to include the commissions, which will reduce how much you gained from selling the stock.

    Remember, your accountant (and the IRS) are much more picky about “show your work, the correct answer by itself doesn’t mean anything”, than your 5th grade math teacher ever was.

  3. gleelogan says:

    GO TO IRS.GOV. GET THE FORMS AND THE ANSWERS.

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