[[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 TaxesRoy
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra