Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Author: bk3454 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: TMFTaxes Please help!!! Date: 3/9/1999 4:26 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
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?
Thank you in advance.
Print the post Back To Top
Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 12003 of 121219
Subject: Re: TMFTaxes Please help!!! Date: 3/11/1999 11:01 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
[[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 Taxes
Roy

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Advertisement