how do u do your taxes when u purchase stock can i still do it online or should i go see someone for help?

Question

i use tax act

Answer 1

Tax Act should handle stock sales just fine.

You don't pay taxes when you buy stock, just when you sell it. When you sell, you'll need to know the date you bought it, and the price per share that you paid, as well as when you sold it, how many shares you sold, and how much you sold it for. This information will go on a schedule D, and the totals will transfer to your 1040.

Answer 2

Buying stock does not trigger a tax event.

Selling stock or receiving dividends does.

Most software programs and websites should be able to handle stock sales. Remember to keep track of when you bought and how much you paid for it (including commissions).

Answer 3

Buying stock will not effect your taxes unless it's in a shelter such as an IRA.
When you sell it you will have to file F 1040 if you have a capital gain.