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I'm new to trading and I'm learning. I have a question about taxes on the sale of stocks. When I sell a stock for a profit, I'm taxed 30%+ depending on the length I owned it. My question is this, when I go to pay my taxes for FY 2004 do I list every stock sold and their profits and figure up the amount I owe? Someone please explain how this works. Also, could you explain what I can do for the sale of stocks where I lose money. Thanks, Rick
Posts: 1 | Registered: Feb 2004
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RLC You should track all buys & sells. Except for IRA's a sell triggers tax. Over one year 15% cap Gains Under a year NORMAL income at your current rate. Normal GAINS may be offset with Normal LOSSES. Losses over $3000 in any year may be carried forward. An accountant is a good investment if you trade actively. VAN
Posts: 1424 | From: Peoria, IL. USA | Registered: Oct 2003
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