Stock Tax Form is Out! Oh no!

[dman81]

This is my first year trading stocks and it sucked! Nevertheless I have a tax question.

Just received my stock broker's 1099 statement and it shows I have a large amount less commissions. Does this mean I have to pay taxes on this entire amount or by showing my purchases will it off set it?

Thanks!

[Aufan 1983]

Originally Posted by dman81

This is my first year trading stocks and it sucked! Nevertheless I have a tax question.

Just received my stock broker's 1099 statement and it shows I have a large amount less commissions. Does this mean I have to pay taxes on this entire amount or by showing my purchases will it off set it?

Thanks!

Don't pay attention to the total on sells. It will scare you....lol. Yes your purchases will offset the difference.

Taxes can be a very tricky issue when it comes to taxes and the more trades the more complicated it gets. There are several things that come into play.

You have to break it down under each stock and the different trades for each stock plus take out wash sells.

Best of luck

[BadThad]

Good Luck indeed.....I paid someone to do my taxes last year for the first time. It was worth every cent! LOL If this is your first year for trading and doing taxes all I can say is.....have fun! LMAO I'd spend hours and hours and then 40 more hours on it!

[Aufan 1983]

Originally Posted by BadThad

Good Luck indeed.....I paid someone to do my taxes last year for the first time. It was worth every cent! LOL If this is your first year for trading and doing taxes all I can say is.....have fun! LMAO I'd spend hours and hours and then 40 more hours on it!

LOL.... The lady that does my taxes spent hours sorting through about 20 pages of trades and this year will be worse....

She wants my stock info as soon as I get it so that she can have several weeks to work on it.

[Buku]

Does anyone use Banc of America Investments for trading??? My statement looks like it broke every trade down and cancelled out "Wash-Sale rules" and came up with a total profit/loss number at the end. Does that number suffice for tax purposes?