Can I get like a sub account with my brokerage to separate tax money from profit money?
2007-10-18 18:49:51 · 2 answers · asked by drzdenizen 1 in Business & Finance ➔ Taxes ➔ United States
No, when you do your tax return, ALL of your trades for the year are netted together - both gains and losses are shown on the same schedule D, no matter how many accounts or brokers you have. Taxes are calculated based on the net total of all or your transactions.
2007-10-19 04:20:20 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Your brokerage should send you a 1099 form that shows proceeds from stock sales.
Broker should also provide statements that show you what you paid and when you bought the stock.
Gains and/or losses on stock trades are reported on Schedule D.
No need to separate any investment funds for taxes at the brokerage.
2007-10-18 20:24:00 · answer #2 · answered by lddcpa 1 · 0⤊ 0⤋