when you cash in stock, how do you determine what is claimed on your income tax?

0 ⤊

when you cash in stock, how do you determine what is claimed on your income tax?

2007-12-05 03:16:44 · 3 answers · asked by pm 1 in Business & Finance ➔ Personal Finance

3 answers

you take your proceeds after commision, and subtract the original cost including buying commission, these leaves a profit or loss, which is reported on your tax form

2007-12-05 03:20:51 · answer #1 · answered by bob shark 7 · 0⤊ 0⤋

what ever the profit was - you broker should give you a print out to be use at filing time!!!

2007-12-09 07:39:49 · answer #2 · answered by mister ed 7 · 0⤊ 0⤋

The IRS has plenty of information, and plenty of rules to go along with it...

http://www.irs.gov/faqs/faq-kw184.html

2007-12-05 11:23:39 · answer #3 · answered by KungFoolio 5 · 0⤊ 1⤋