Lets say you buy $10,000 of stock A and $10,000 of stock B. 3 months later you sell stock A for 7 thousand and stock B for 13 thousand. In this situation do you write off the losses against the gains or do you have to pay taxes on the $3k gain on stock B?
2007-11-09 19:56:08 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Your gains cancel your losses but you still report both transactions on Schedule D.
2007-11-09 20:12:12 · answer #1 · answered by ninasgramma 7 · 4⤊ 0⤋
So long as the both the gain and loss are in the same tax year, you'll be able to use the loss to reduce your gain.
2007-11-10 10:28:44 · answer #2 · answered by asktheknowitall 2 · 0⤊ 0⤋
You have to report both trades on a schedule D, but they'll net out so you won't owe any tax on the two transactions.
2007-11-10 11:00:59 · answer #3 · answered by Judy 7 · 0⤊ 0⤋