<<alot of the losses was due to commision charges as well. Paying 7 bucks a trade each time tobuy and sell? Does my commisions also count as capital gains losses?>>Commissions are included in your cost basis for the stock. If you bought 100 shares of XYZ @ $50/share and paid a $7 commission, your total cost basis (and what you report to the IRS) is $5007.<<Another question I have a bought sometimes the same stock, like 50 shares of XYZ, then another 50 shares of XYZ. Then sold say 75 XYZ? How do they tell which shares I am selling. The ones I bought at 75 or the ones I bought at 50. Or does that not matter, just my total gains or losses counts?>>You are getting into some complicated stuff here... identifying lots of stock, wash sale rules, etc. If you didn't identify the lots at the time of sale, I think it is too late now, and there probably isn't a way to do it and still get $7 trades. I'd recommend that you visit Gainskeeper.com and enter all of your transaction data there.If your net loss on stock/option trading was $4600 last year, $3000 is deductible for 1999 and $1600 carries over to next year. This will reduce your AGI by those amounts for those years, and will decrease your taxes by some percentage, probably 28-31% (whatever tax bracket you are in).
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