2003 was my first year of trading stocks and i have a question. ameritrade sent me a 1099 and the total for gross proceeds from broker and barter exchange transactions is around $15,000. this lists all sells for 2003. Do i have to pay tax on all of my sells no matter if i made or lost money on the transaction? Basically, are the total gross proceeds counted as income?
any help would be greatly appreciated.
Six Black Roses
Boy is your head going to hurt. I still can't figure out why the IRS just doesn't allow to have a simple "I deposited 5,000 at the start of the year, it's the end, and I now withdrew 6,000, so my profit is 1,000".
They want every transaction, how long you held it for, etc.
Let's not forget to mention wash sales. Those things are a pain in the buttocks. Oh, and you can't claim more than 3,000 dollars worth of losses per year, else the remainder gets carried over into the future years.
will i get a form from ameritrade for all capital gains/losses, or do i have to figure the totals up myself.
thanks to all
You will need to figure it out yourself... or for 10 dollars you can have ameritrade send you a detailed report of your year's transaction history. I find it easier just to have them send me the history, then sit down with a calculator and tally it up... or, just give all the papers to your tax preparer or accountant and say you #)@(*% figure it out