I have been trading in stock options with my brokage account and the buy and sell transactions do not show up on my monthly statements, but the profit does show up in the balance. Is this a normal occurance?
2006-11-12 17:58:39 · 3 answers · asked by Samuel W 1 in Business & Finance ➔ Investing
Depends on what country you are trading. If it is the US, you bet as there is a capital gains tax.
If you live in Singapore, no. There is no capital gains tax in Singapore.
Check your country codes.
Normally, your brokerage account will have trade confirmations in addition to monthly summary statements. Not having them is unusual. Trade confirmations/summaries are a key part of internal controls for brokerages and would be highly unusual for you not to get them.
2006-11-12 18:01:12 · answer #1 · answered by csanda 6 · 0⤊ 0⤋
Proceeds from any stock sale are taxable income, yes. It's called capital gains tax. If you don't claim it, the IRS will still see it and you could be audited and not only have to pay the tax you owe, but penalties as well. When you do your taxes at the end of the year, just enter all of the information on the form, or give the statement to your tax preparer and they will take care of it. Oh, and your brokerage should send you a statement at the end of the year for your taxes so that you won't have to bring along each individual month's statement. They are required to provide this.
2006-11-13 02:05:06 · answer #2 · answered by Tickle Monster 3 · 0⤊ 0⤋
Almost always yes.
2006-11-13 02:40:56 · answer #3 · answered by andrew f 3 · 0⤊ 0⤋