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T O P I C     R E V I E W
gphs98  - posted
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  - posted
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.

I hope this helps: www.fairmark.com
 

gphs98  - posted
thanks six black roses

just one more question for anyone who can answer.

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
 

Jeremy  - posted
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
 



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