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Author Topic: Taxes On Trading
MoMoMoney
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im doing my taxes and am filling the Schedule D Form 1040 for Short-Term Capital Gains and Losses.

Im am confused on what the difference is between Sales Price and (Cost or other basis).
What is Cost and other basis?
Thanks.

Posts: 785 | From: la | Registered: May 2005  |  IP: Logged | Report this post to a Moderator
Machiavelli
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Best to ask a accountant or www.fairmark.com

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Let the world change you... And you can change the world.

Ernesto "Che" Guevara de la Serna

Posts: 4669 | Registered: Mar 2004  |  IP: Logged | Report this post to a Moderator
metal1
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simply put, cost or other basis is what you paid for the stock including commission
Posts: 1045 | From: novato,ca,usa | Registered: Aug 2003  |  IP: Logged | Report this post to a Moderator
BooDog
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tax season is fun tax season is fun taxseason is fun tax season is fun tax season is fun taxseason is fun tax season is fun tax season is fun taxseason is fun tax season is fun tax season is fun taxseason is fun tax season is fun tax season is fun taxseason is fun

all tax and no play makes jim a dull boy! Sure takes a bite outta da profits eh?

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All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?

Posts: 7754 | From: Virginia | Registered: May 2006  |  IP: Logged | Report this post to a Moderator
T e x
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Tax time again, kids...

Good summary here re: the distinction between investor and trader, with good info for electing to go "mark-to-market."

http://www.fairmark.com/traders/index.htm

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

Posts: 21062 | From: Fort Worth | Registered: Apr 2005  |  IP: Logged | Report this post to a Moderator
T e x
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Not promoting this software, but scroll down the page and you'll see a good example of the difficulty in figuring out the effects of the "wash sale" regs...

http://www.armencomp.com/irs-schedule-d.html

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

Posts: 21062 | From: Fort Worth | Registered: Apr 2005  |  IP: Logged | Report this post to a Moderator
BooDog
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Turbo changed their entry format also. Made up for entering 6 or more figures.

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All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?

Posts: 7754 | From: Virginia | Registered: May 2006  |  IP: Logged | Report this post to a Moderator
   

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