Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: jeffatkins One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121440  
Subject: Re: Let me also add Date: 5/29/2000 7:20 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
<<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).
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next

Announcements

Disclaimer:
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.
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:
Saul's Investing Discussions

Why Did I Buy a Bunch of PFIE Today?
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