I lost about $300 on Stocks ??

Question

So what I did was reinvest the remainder of my money in another company .Do I get some sort of a form from the brokerage company about that capital loss when filing my income tax . I only had that stock less than a year. Also the Broker fee or commision is that a tax deductible? I use Scottrade

I'm a beginner but 2 out of 3 stocks I bought performed way better than expected. Even Michael Jordan has off nights .

Answer 1

What you'll get after the end of the year is a Form 1099. That will tell the IRS what you received for all the stock you've sold that year (this number will be net proceeds after commissions). Scottrade will also give you a detailed breakdown of what that total consists of (which you'll need if you have more than one sale). However, as it stands now, there is no formal report to the IRS on what you paid for the stock (I heard something about the IRS requiring the brokerages to report what you purchased stock for, but to my knowledge, that hasn't been finalized yet). Taxable loss is what you paid for the stock (including commissions less what you sold the stock for (after deducting commissions). So for instance, if you bought the stock for $2,000 with $10 in commissions, and sold it for $1,700 with $10 in commissions, your loss would be $2,010 less $1,690, or $320. As part of the 1099 report, Scottrade also sends you a list of purchases made that year. If you purchased and sold the stock this year, everything you need will be there. If not, you have to go back and find the purchase information from prior account records. Scottrade has several years of confirmation data on their site (under account history and then transactions), so given this trade was made in 2006/2007, it should be pretty easy to find the info you need when the time comes.

Answer 2

Yes, you'll get a form mailed from Scottrade right around January or February that will assist you in filing your taxes and recording the loss.

Answer 3

you will receive a 1099B from your broker next year. It will show you how many shares you sold, the name of the security you sold, the date you sold it, but you will also need to know the date you bought it and what you paid for the stock. You commissions will have been taken out of the numbers they give you,, and if you use your confirmation to get the buy info, it is included in the price paid.

Answer 4

you will get a form from scottrade in january that reports all of your capital gains and losses. since it was a lose it doesn't matter that you had the stock less than a year, with a gain it does.

Answer 5

How did you 'merely' lose $3 hundred on 3 shares of inventory that has dropped $sixteen a proportion over the former day's close, no longer $a hundred a proportion? sell. you do no longer belong interior the industry till you already realize it.

Answer 6

Basic mistake #1;
Never invest in anything you don't fully understand.

Never ask strangers for advise if you can't verify who they are, what their qualifications or motives are.

And finally "Scottrade" is a great broker if you know what you're doing.

READ READ READ.... LEARN LEARN LEARN.... you just had an expensive lesson.

Answer 7

you are lucky thats all you lost dont gamble open a savings account............be wise