Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next
Author: FogChicken Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 52  
Subject: Re: Tax on sales of shares Date: 9/22/2004 3:58 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
Hi Jason,

I would recommend preparing your tax return using software like Quicken (I use the online/Web version) which will ask you questions along the way to determine everything you owe (such as, did you sell any stock in 2003?) You can also go to a tax preparation service like H&R Block or something similar.

Off the top of my head, I don't think you will need to do anything about the sales from this year right now, but you will need to include them when you complete your 2004 return (in 2005). You should have declared the 2003 sale on your 2003 return as short term capital gains count as extra taxable income. Your best bet might be to file an amended return for 2003. Check the INS site for details on how to do this. Basically, you refile the main document, include copies of any new or changed worksheets (the capital gains worksheet in your case) and include a short explanation of what's changed and why. Your broker should have sent you a tax form for the 2003 sale - you may be able to contact them and get a copy or a new one if you don't have it. Note that they also send a copy of the form to the IRS, which is why it would be a good idea to file an amendment just to make it clear it was an honest mistake on your part.

I'm not a tax expert so do your own research to figure out what applies in your situation - or go the software/service route and have someone else do it for you.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next

Announcements

Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Macro Economics

Implications of the Ballad of Ted Plotz
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 "#1 Media Company to Work For" (BusinessInsider 2011)! 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.
Advertisement