posted
I'm new to investing and don't know how taxes on these gains work. In 2006 I came out with a decent profit. Am I going to be sent a W-2 for my gains? And if I am sent a W-2, do I fill it in exactly the same as stated on my 1040? Also, what are ways I can reduce the amount of taxes I have to pay? The last thing, if i cash out say 3000 at any time, should I make sure that I only spend 2000 of that and save 1000 in the bank to pay the taxes with?
-------------------- "Low risk, high gain"
IP: Logged |
posted
Your broker sends you monthly and yearly statements (probably available online). Take those to your accountant. You'd have to be crazy to come here for tax advice.
-------------------- Me Trade Pretty One Day.
IP: Logged |
quote:Originally posted by kermit42: Your broker sends you monthly and yearly statements (probably available online). Take those to your accountant. You'd have to be crazy to come here for tax advice.
Its actually very simple. read some article online. your broker will send you a 1099-b with all your sales. you need to put those onto your schedule d with the purchase price and date of each transaction when you complete your return. i always use turbo tax, it makes it very simple.
IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
