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I make about 30,000 a year and i can't pay that much i back
I move about 5 thousand around heer and there in the stocks and on my 10-99 it say i moved about 25 thousand dollars, it gets me nervous, im i going to have to pay alot of money back or what i have the same amount of money that i started with.

2007-03-26 13:42:16 · 3 answers · asked by JOHN 2 in Business & Finance Investing

3 answers

sort of correct short term is anything under a year long term is over a year. look carefully at your SALES on your 10-99 that is what is reported not what you put in (unless its a wash sale then you will have problems claiming the losses)

2007-03-26 16:06:25 · answer #1 · answered by Anonymous · 0 0

Gains on sales and when sales were made determine the tax rate the IRS charges. For instance, you will pay higher taxes on a gain in which you bought a stock and sold it within 30 days. If sell a stock you have held for more than 10 years you will only be taxed 15% on gains. What you describe is how much total money you invested and is different than how much you made or lost as a result of buying and selling stock.

2007-03-26 14:26:14 · answer #2 · answered by bow_wow_wow_yippieo_yippiea 3 · 0 0

If you have the same amount of money that you started with then your capital gains (the profits you made investing) should be close to zero. Since capital gains and dividends are the only parts of investments that are taxed you probably shouldn't have to pay very much, and may be able to write off a loss.

At least thats the sense I get. Crunch the numbers on your schedule D to find out for sure.

2007-03-26 21:52:07 · answer #3 · answered by Adam J 6 · 0 0

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