I lost money big time last year on trading and I just received my statement summary from my broker. Even though I lost money, do i have to report it?
Posted by Buckeye on :
Rags, claim the 3K max for a "capital gains loss", I believe on line 14 on the 1040 (or close to 14).
Posted by Rbreb13 on :
http://www.fairmark.com/capgain/capgain.htm A lot of good info here. I lost a bit myself. Reporting your losses means your refund will be larger. It makes no sense to not report.
Posted by mizzou7 on :
Always report your losses...
$3000.00 max. per year.
If you lost more than $3000.00 you can carry it over to the next year... if you have capital gains your losses from the previous year can help off-set taxes you might owe on the capital gains.
mizzou7
Posted by BigJohn on :
Is it true if you hold a stock for more than a year the max you have to pay on gains is 15% ??
Posted by Jmoove on :
yes that is true
Posted by BigJohn on :
Thanks Jmoove! Posted by RagsToRiches on :
the thing is on the statement it says aggregate profit or loss of zero. Is this because I'm still holding onto it? Can I still report a loss even though I'm still holding onto it?
Posted by mizzou7 on :
No... you can not report a loss unless you have sold the position..
quote:Originally posted by RagsToRiches: the thing is on the statement it says aggregate profit or loss of zero. Is this because I'm still holding onto it? Can I still report a loss even though I'm still holding onto it?
Posted by RagsToRiches on :
is it too late to sell my stock and get the refund? or do I have to wait until next year.
Posted by mizzou7 on :
You will have to wait until next year...
quote:Originally posted by RagsToRiches: is it too late to sell my stock and get the refund? or do I have to wait until next year.
Posted by ShortTermMemory on :
Does anyone pay there capital gains quarterly? I've been told you actually pay interest by waiting till the end of the year.
Posted by Thorn on :
Actually, I believe that for all capital gains (with maybe a few exceptions) even if you don't hold for a year the max is currently 15% tax. The 28% on capital gains on stocks held for less than a year and a day was dropped; it doesn't apply to 2005.
Posted by SuperSniper00 on :
My grandfather mentioned he paid quarterly once but never explained why and how
Posted by HossTrader on :
Any gains on stock not held for a year is taxed as regular income. What has changed recently is dividends are taxed at the capital gains rate if you hold the stock for like 120 days.( I think at least 60 days before ex-dividend date.)
Posted by stickfigurefred on :
IRS will have a copy of your 1099-B statement so you will want to show the loss with a Schedule D, otherwise they will see the extra gain you had to your income.
quote:Originally posted by RagsToRiches: I lost money big time last year on trading and I just received my statement summary from my broker. Even though I lost money, do i have to report it?
Posted by jakeo on :
I have a question about that too.
So i made a profit of about 1,500 (all short term) from trading pennies this year, but my actual income is like 2,500 from regular work hours. Will I have to pay taxes on my 1,500 or will I be exempt? Or will i have to pay on the marginal revenue above the exemption?
Posted by eric23 on :
if i only have a small loss, but for other reasons, don't want to report it (nor the balance of my account), do I have to?
TIA
Posted by Zygore on :
Need some advice from fellow E-Trade account holders.
The 1099 Consolidated form only shows what was sold and is reported to the IRS. The detailed income statement shows all that was bought but is for information purposes only. This don't seem right at all because it doesn't show wether you had overall gains or losses like you would see with a 1099-B.
Can someone shed some light on how I would file in order to show my losses?
Posted by metal1 on :
Yes, only gross proceeds from the 1099-b are reported to the IRS. It is then your responsibility to tell the IRS what the cost for each trade was and report that on the sched-D to figure your total gains and losses. it would be easy to cheat but if you were ever audited you would be in serious trouble.
Posted by Zygore on :
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