I'm getting ready for next year tax season. I have some investment overseas and i'm expected to disclose the income on my taxes. I just started the investment portfolio and haven't gotten any money from it not even a dime. However i have the ability to log online and just view the portfolio and see how its doing. And to be frank its very new and i'm loosing money. Do i need to still declare this investment on my taxes eventhough i haven't gotten any returns on it yet?
2006-12-08 03:41:15 · 2 answers · asked by progress 2 in Business & Finance ➔ Taxes ➔ United States
If you get dividends, then you'd have to report those. Otherwise, you don't report gains or losses in an investment until you sell it - then you report the difference, up or down, between selling price and purchase price. You get to take off any commissions you paid.
2006-12-08 14:52:31 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Investments are not taxed. Interest, Dividends and Capital Gains from investments are taxed.
If you don't have any of above three items, there is nothing to report.
2006-12-08 04:25:20 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋