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Dear Fools,
Can anyone explain how I deduct commissions from
the purchasing and selling of my stocks. I have been around Fooldom and cannot find this info

Thanks


P.S. Sorry about the previous mispost(first time)
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No. of Recommendations: 0
Can anyone explain how I deduct commissions from
the purchasing and selling of my stocks. I have been around Fooldom and cannot find this info
=================

The brokerage that handles the trades will likely include these commissions in their year end tax reporting statement so you "per se" should not have to worry about the trading costs. I think I am right in saying that most if not all of the discount brokerage houses have pretty good year end reporting statements for both dividends and capital gains.


FWIW, If you use quicken to track your finances you will find that it keeps great records for gain or loss calcultions for tax purposes.

Pete
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Can anyone explain how I deduct commissions from
the purchasing and selling of my stocks. I have been around Fooldom and cannot find this info


***Costs of buying and selling the stock are added to your basis.

If you buy something for $100, and you pay $1 to make the purchase, your basis is $101.

If you sell something for $100, with a basis of $101.
and pay $1. to make the sale, your basis is increased to $102.. You then subtract that from the selling price to determine gain/loss.

"Jack"
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