Do I have to file taxes if I didn't work for the year?

Question

The only income I had was through trading stocks (not professionally) so do I have to file taxes? thank you

Answer 1

You should file a 1040 with Schedule D, even if your gains were so low you won't owe any tax. The reason is that the IRS only knows the sales prices shown on the 1099-B. They don't know what your gain or loss is, unless you tell them.

Answer 2

Filing taxes has nothing at all to do with doing work. It has to do with making profit. If you made profit, you should file income taxes, since profit is also known as income. It does not matter if you dug up a buried treasure or your granny left you 10,000 dollars in inheritance or Jesus opened the heavens and pooped a gold turd in your lap. You made profit, which means you had income, which means you file. Of course you don't HAVE to file, just be ready to flee to Switzerland for life if they audit you.

Answer 3

it's called income taxes not work taxes. so if you want to continue trading stocks you better file. or the irs will just take your stocks from you.

Answer 4

If your gross income from trading stocks was more that the amount for your status that makes you required to file, then yes you do. It doesn't matter where the income came from if it's taxable income, and stock trading is.

Answer 5

I think if you received any kind of income, you are supposed to file a federal tax return, unless your income falls below a certain amount. Though you might still have to file a state or local tax return.

See this website http://www.smartmoney.com/tax/advice/index.cfm?story=whennottofile

Answer 6

You only have to file IRS TAX RETURN if you owe them some MONEY.