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Financial Planning / Tax Strategies


Subject:  Re: TMFTaxes Please help!!! Date:  3/11/1999  11:01 PM
Author:  TMFTaxes Number:  12003 of 127613

[[I have been in school this past year and have no income, but I made about 3000
in gains and 1000 in losses. My father says if it is under 6000$ I do not have to
pay, is this true? If not what is the cut off?]]

If you are single, and you are not claimed as a dependent by another, your "cut off" would be $6,950.

But the problem is that you have Sch D transactions. If your GROSS SALES on your Sch D transactions exceed $6,950, then you'll have to file a return anyway...even if you owe no tax...just so Uncle Sammy can see your cost basis on your shares sold, and check your total gains an losses.

Sorry for the bad news...
TMF Taxes
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