I live in the U.S. and owned stock in a company in Denmark, which is not traded in the U.S. (traded in Copenhagen). I sold the stock and received a check. Since the stock is not traded here, I was told they are not required to report this to the IRS.
Do I still need to claim this on my taxes, and how do I claim it if I do?
2007-02-07 04:12:08 · 5 answers · asked by Mutt 7 in Business & Finance ➔ Taxes ➔ United States
Yes you still need to report it. File Schedule D. Remember to use dollars, not krone! If the stock was worth more than $10,000 you should have been reporting its existence annually to the Treasury so the IRS will get to find out about it that way.
2007-02-07 04:18:34 · answer #1 · answered by skip 6 · 0⤊ 0⤋
Yes, any gain is taxable. To calculate your gain or loss, subtract your investment (cost) in the shares from the amount you received on the sale. It is most likely you will recognize capital gain or loss. If you held the stock for more than a year, this will be long term capital gain or loss. Report the transaction on Schedule D.
If the company was US-controlled and you owned at least 10% of the voting stock, or if the company was a passive investment company, there may be other US rules to contend with, and you should consult a tax advisor.
2007-02-07 12:46:39 · answer #2 · answered by TaxGuru 4 · 0⤊ 0⤋
4
2007-02-07 12:14:37 · answer #3 · answered by Anonymous · 0⤊ 3⤋
u have to report what ever may b the source of income source
here are some sites for tax preparing
just go through those
2007-02-11 01:30:39 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes, you have to report it. You will have to pay taxes on any gains as well. But, you do receive a credit for any Danish taxes you paid as well.
2007-02-07 12:19:40 · answer #5 · answered by bmwdriver11 7 · 0⤊ 0⤋