posted
I'm trading more this year already than I did last year, and I thought of a situation that could really suck.
Let's say at the end of the year I have made $10k in profits and $10k in losses. So essentially my trading account is at the same amount I started with.
I can write off $3k in losses. But that leaves me with $7k taxable. But I am not up $7k. I only broke even. But come tax time I will pay 30% on the $7k right?
Ouch. I thought of this the other since I am so far $3k profits/ $2.5k losses (up about $500).
I don't want to slow down my trading cuz I'm learning a lot, but jeez I could be digging a big ol hole.
posted
your "realized gain/loss" should be zero. in the end, you made and lost nothing. file a schedule D have your broker give you the realized paperwork.
for schedule D you can write miscelaneous stocks etc...realized gain/loss of whatever it is and you will be taxed on that gain/loss.
IP: Logged |
posted
By the way, Scottrade's paperwork is terrible. I saw the paperwork a friend gets from his E*Trade account and the trading history is much more detailed and the realized P&L is clearly listed.
IP: Logged |
posted
ameritrade apex does mine free through gainskeeper, comes out nice...having trouble uploading to turbo tax but if i file with a pen it works well.
IP: Logged |
quote:Originally posted by keithsan: ameritrade apex does mine free through gainskeeper, comes out nice...having trouble uploading to turbo tax but if i file with a pen it works well.
Scottrade also has free gains keeper
-------------------- If all goes well then great, if not, make it work.
IP: Logged |
quote:Originally posted by keithsan: ameritrade apex does mine free through gainskeeper, comes out nice...having trouble uploading to turbo tax but if i file with a pen it works well.
Scottrade also has free gainskeeper. Go to account information and you will see it on the left menu. It is a new feature and will give you everything you need to do taxs.
-------------------- If all goes well then great, if not, make it work.
IP: Logged |