The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Tax Preparation||Date: 12/22/1998 2:53 PM|
|Author: mpell||Number: 7474 of 121182|
1)My accountant is not into stocks (keeps all his $$ in t-bills) and now that I'm investing and trading on my own he's not as helpful as I'd like.
How does one find a good accountant! Word of mouth or is there some sort of credential one should look for to assure the person has really good training?
2)Also. I've made some $ this year, and lots of trades (my first year trading and I wanted to let myself experiment a bit so traded more than I will probably in the years to come...) I'm really busy, not familiar with Quicken, etc., and I've made enough profit that I'm wondering about hiring someone to tally up my trades, dividends, etc. Would I ask an accountant to do that or would I try to find someone with bookkeeping background who wants a few hours of extra work? I know these are basic questionss but I've never been in this position before of reporting cap gains and losses... I'm spending a lot of time on learning about the markets and prefer not to have to also spend lots of time doing the accounting as it's not my forte and I want to make sure it's done right. I think it would cost me more in time lost to do it myself than to have someone else handle it, at least this first time...
3) If I buy 100 shares of stock for, say, $1/a share and it doubles, I have... $200 worth. If I sell 50 shares, that means I've taken out only my original investment and what's left is my $100 profit, correct? How does the IRS look at this? Do I have to report the sale? Do they consider the $100 from the 50 shares sold as profit or my initial investment capital??
Any help much appreciated.
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