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PCola77
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Hmm, I think I may have screwed myself...

Just asked for confirmation from anotehr board, but here's my story:

In one of my accounts I bought a bunch of big% dividend stocks (i.e., ones that paid cash divi's of say, half the share price), and then subsequently sold the stock for more than (Prior price - Divi Amount), so I made some profit on them.

So my account basically looks like this:

1099-Div $25,000
1099-B G/L -$22,000

So basically I made $3,000 on those trades, but Tax Cut is treating it as $25,000 divi profit and a $3,000 cap loss. My guess is that that is the proper way to treat it, and I'll have $19,000 of cap losses to net against some gains (hopefully) over the next few years.


So if that's the right way to treat it, I owe $5,000 more in taxes than I expected. D'oh!

(And don't get me started on BHUB, where I'm paying taxes on $5,000 that I received "proceeds" from, while never having seen a penny of it...)

Posts: 5508 | From: Southeastern PA | Registered: Jan 2006  |  IP: Logged | Report this post to a Moderator
T e x
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You've got dough still tied up in BHUB, right?

I for sure wouldn't pay tax on that, no matter what some software app comes up with...Look what software does with round-ups.

Have you checked here?

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

home page easily found from there...

am also posting else where...

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

Posts: 21062 | From: Fort Worth | Registered: Apr 2005  |  IP: Logged | Report this post to a Moderator
metal1
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yeah, if the 1099-div shows the 25k that's the right way to report it. if it was treated as a "return of capital" on the 1099, that would be a different story.
Posts: 1045 | From: novato,ca,usa | Registered: Aug 2003  |  IP: Logged | Report this post to a Moderator
PCola77
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I figured. thanks metal1.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006  |  IP: Logged | Report this post to a Moderator
   

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