Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: powertrader77 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123154  
Subject: Re: Tax tips for Newbie? Date: 2/22/2000 3:50 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
>You must report the capital losses since the >brokerage firm will report the sale to IRS on a 1099->B. You must file a form 1040 with a schedule D. If >you do not do the schedule D showing the date of sale >and purchase as well as your cost basis (what you >paid plus commissions) and net proceeds, IRS will >assume that the whole sales price is gain. Your loss >does not exceed your income so there will be no carry >forward loss.

I would appreciate your reply. I obtained Schedule D, and got confused again. There are only 4 rows(Part I, 1) to write down transaction, however, I made more than 20 times of transaction this year. Do I have to get different form, or just use 4-5 copies of Schedule D. Also, writing in cost basis indicate ignoring buy/sell commision fee. I thought I can use commision fee as expense for capital gain/loss. What's going on? Thank you for your time.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Saul's Investing Discussions

Skyworks Mid-Quarter Review
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.