I was wondering, would i be reuired to file a tax return for stocks, even if i lost money trading stocks?
Another question is, i am going to open an ameritrade account soon.. and since 2k5 is just around the corner, i wanted to wait and start trading in 2k5 so i wouldnt have to file a tax return for trading 2 weeks in 2k4. If i open an account today, but i wouldnt trade till jan 1st, would istill have to file a tax return for having opened an account?
JP
Posted by MxPx on :
Yes you still must file!!! You will get more money back also because you would claim it as a loss.
Posted by MamboTrader on :
You only need to list the investment loses/gains for the tax year when you sell the stocks.
Posted by tryingtobeadaytrader on :
why don't you guys write 2005 insyead of 2k5? It took me a while to figure out what the hell you were talking about, and it is not as if you are saving any time writing 2k5 vs 2005, anyway, jusy my $.02
quote:Originally posted by jugiproject: I was wondering, would i be reuired to file a tax return for stocks, even if i lost money trading stocks?
Another question is, i am going to open an ameritrade account soon.. and since 2k5 is just around the corner, i wanted to wait and start trading in 2k5 so i wouldnt have to file a tax return for trading 2 weeks in 2k4. If i open an account today, but i wouldnt trade till jan 1st, would istill have to file a tax return for having opened an account?
JP
Posted by jugiproject on :
lol, i thought 2k4-2k5 was common nowadays. Anyway i'll make note of it next time around.
Thanks for input guys
JP
Posted by Ric on :
Of course you can open account now and buy stocks and not effect 2004 taxes at all. The only way it effects this years taxes is if you sell stocks in 2004.
Ric
Posted by jugiproject on :
oh ic, so its when it sells thats when it counts.. well i signed today with ameritrade, anybody know how long it takes for funds to transfer?few business days?i thought it was instant since i did the electronic funding.