2007-10-27 15:58:08 · 5 answers · asked by guerillagangsta 1 in Business & Finance ➔ Taxes ➔ United States
You must file a tax return if your income exceeds the filing requirments for gross income.
Gross income means all income you received in the form of money, goods, property, and
services that is not exempt from tax, including any income from sources outside the United
States (even if you may exclude part or all of it).
pub 501 p2
In the case of options trading the answer is probably, the IRS has no idea what your profit is, that's why you have to report it on SCH D. The IRS will find out what your gross sales are because your broker will report it.
2007-10-28 02:41:56 · answer #1 · answered by Charlie & Angie G 4 · 0⤊ 0⤋
ideas procuring and promoting is an extremely complicated difficulty to which there will be an exception yet often I honestly have chanced on that each and every one the options trades are suggested. The taxpayer is to blame to calculate the income as they're with inventory sales. If the taxpayer fails to excellent calculate and keep information to coach that benefit or loss to the IRS might want to they be situation to an audit the taxpayer has a significant situation. brokers are some cases unreliable even as it contains tax regulation.
2016-10-23 02:21:34 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes. Losses too. They are not reported on Form s 1099.
2007-10-27 16:13:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes, as far as I know!
I did!
2007-10-27 16:00:50 · answer #4 · answered by Chestersmom 3 · 0⤊ 0⤋
yes....of course.
2007-10-27 16:24:11 · answer #5 · answered by Wayne Z 7 · 0⤊ 0⤋