The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: tax question||Date: 2/1/2000 6:34 AM|
|Author: pmarti||Number: 26575 of 124777|
<< I have a couple tax questions if somebody could help me out. 1st - How do you handle the gain from making money on a stock that was shorted? Should I treat it as if I bought it and didn't short it? Is there any special rules? 2nd - What is the tax schedule I need to get for debit interest - money I paid to borrow on margin - so I can get credit for it. Any help would be appreciated. >>
You report short sales the same way you report long ones. It just looks funny because the sell date precedes the buy date.
See the instructions for Form 1040, Schedule A for reporting margin interest.
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