2003 was my first year of trading stocks and i have a question. ameritrade sent me a 1099 and the total for gross proceeds from broker and barter exchange transactions is around $15,000. this lists all sells for 2003. Do i have to pay tax on all of my sells no matter if i made or lost money on the transaction? Basically, are the total gross proceeds counted as income?
any help would be greatly appreciated.
Posted by Six Black Roses on :
Boy is your head going to hurt. I still can't figure out why the IRS just doesn't allow to have a simple "I deposited 5,000 at the start of the year, it's the end, and I now withdrew 6,000, so my profit is 1,000".
They want every transaction, how long you held it for, etc.
Let's not forget to mention wash sales. Those things are a pain in the buttocks. Oh, and you can't claim more than 3,000 dollars worth of losses per year, else the remainder gets carried over into the future years.
will i get a form from ameritrade for all capital gains/losses, or do i have to figure the totals up myself.
thanks to all
Posted by Jeremy on :
You will need to figure it out yourself... or for 10 dollars you can have ameritrade send you a detailed report of your year's transaction history. I find it easier just to have them send me the history, then sit down with a calculator and tally it up... or, just give all the papers to your tax preparer or accountant and say you #)@(*% figure it out
