Comments on: how does tax wok when you buy and sell stocks? http://www.howto-buystocks.com/how-does-tax-wok-when-you-buy-and-sell-stocks/ Tips and Tricks to Buying Stocks Wed, 28 Dec 2011 15:22:29 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Judy http://www.howto-buystocks.com/how-does-tax-wok-when-you-buy-and-sell-stocks/#comment-3470 Judy Thu, 22 Dec 2011 02:00:49 +0000 http://www.howto-buystocks.com/how-does-tax-wok-when-you-buy-and-sell-stocks/#comment-3470 If you sell at a profit, you pay the tax no matter what you do with the money. If you sell at a profit, you pay the tax no matter what you do with the money.

]]> By: Jesse H http://www.howto-buystocks.com/how-does-tax-wok-when-you-buy-and-sell-stocks/#comment-3469 Jesse H Mon, 19 Dec 2011 17:07:56 +0000 http://www.howto-buystocks.com/how-does-tax-wok-when-you-buy-and-sell-stocks/#comment-3469 Tro and the Tax Lady are correct. Another thing to keep in mind is wash sales. If you purchase a stock, sell it, and repurchase the same stock within 30 days, there is what is considered a wash sale. You carry forward your original basis in the stock and do not report any of the loss from sale of the security. Tro and the Tax Lady are correct. Another thing to keep in mind is wash sales. If you purchase a stock, sell it, and repurchase the same stock within 30 days, there is what is considered a wash sale. You carry forward your original basis in the stock and do not report any of the loss from sale of the security.

]]> By: tro http://www.howto-buystocks.com/how-does-tax-wok-when-you-buy-and-sell-stocks/#comment-3468 tro Sun, 18 Dec 2011 08:22:17 +0000 http://www.howto-buystocks.com/how-does-tax-wok-when-you-buy-and-sell-stocks/#comment-3468 you will receive a 1099B at year's end reporting your 'proceeds' which means all that is being reported to IRS is the money you r'cd from selling the stock you need to have the purchase dates and prices of all you sold to calculate your actual gain or loss taking the money to buy other stocks has no bearing, you will need to make sure you report what is on your 1099B as proceeds less the cost Sch D you will receive a 1099B at year’s end reporting your ‘proceeds’ which means all that is being reported to IRS is the money you r’cd from selling the stock
you need to have the purchase dates and prices of all you sold to calculate your actual gain or loss
taking the money to buy other stocks has no bearing, you will need to make sure you report what is on your 1099B as proceeds less the cost
Sch D

]]> By: the tax lady http://www.howto-buystocks.com/how-does-tax-wok-when-you-buy-and-sell-stocks/#comment-3467 the tax lady Fri, 16 Dec 2011 11:57:26 +0000 http://www.howto-buystocks.com/how-does-tax-wok-when-you-buy-and-sell-stocks/#comment-3467 You still owe the tax. The IRS doesn't care what you spent the money on--their hand is out. If you end up owing more than $1000 at tax time you can get hit with an 8% estimated tax penalty for failure to pay-as-you-go with quarterly estimated tax payments. You still owe the tax.

The IRS doesn’t care what you spent the money on–their hand is out.

If you end up owing more than $1000 at tax time you can get hit with an 8% estimated tax penalty for failure to pay-as-you-go with quarterly estimated tax payments.

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