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Author: footsox Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121180  
Subject: Stocks & Taxes - Misc. questions Date: 5/17/2001 3:27 PM
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Hello -- I am sorry to ask these, as they are probably in the Tax Strategies FAQ. But, my computer doesn't like the FAQ today.. don't know why. So, here are my questions:

1.) Is Buying a stock a "non-event?" I am getting together stuff for my accountant, and I would think he is only interested in the stock sales, and amount of profit or loss? If I bought a stock in 2000, and have not sold it yet, do I need to list that for him at all? Or should I just wait until the year the stock is sold in? And give him that information then?

2.) Also, for my accountant, do I need to list transaction fees separately? If I bought a stock and Datek charged me $9.99 -- is that a separate event? Or can I just put it in with the cost of the shares. (Datek includes this $9.99 in with the amount of the stock -- If I buy a stock that is $100, and buy 10 shares, for $1000, on my Datek statements the amount is $1009.99) On the actual tax forms that go to the IRS, are these fees listed separately? Does my accountant need these separately? (Also, I have this same question when selling a stock and the fees.)

3.) Terms for owning stocks and tax percentages? I believe that stocks are divided into 2 categories -- long term and short term? With long term being anything over 12 months, and short term being less than a year? Is this correct? And there are different tax rates for these? So, I should separate out these for the accountant? Are losses treated with different percentages depending on how long the stocks were held?

I certainly don't have that many stocks that were bought and sold, but I would like to get something decent looking and correct to the accountant, so as not to look like an idiot...

Thanks!
Footsox
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