Stocks and Taxes?
how do i get taxed on my stock profits? What if i break even, I put within $1500 i don't loose anything nor do i gain anything, do i still get taxed? Also, what if for example i put surrounded by $1500 but i made an additional $1500. That leaves me with $3000. Am i going to take taxed on the whole $3000 or only what i made, $1500? thanks for your input!
Answers: First you must determine if it is short term gain or loss or long occupancy . Short term= bought and sold less than one year
Long term= bought the stock held it for one year or
longer and than you sold it.
you only win taxed on the gain so if you invested $1500 and sold it for $3000, your gain would be $1500 and the $1500
would be taxable and would be reported on Form D under short permanent status or long term.
Same applies if you break even , your transaction must be reported on Form D, but no taxes will be do because there is no gain. You can also take off any losses
Mr Nobody is exactly correct. Let me clarify just a tad. You do not pay any taxes on unrealized gain. That is if you do not sell the stock even though it has doubled within price, you do not owe any taxes on that gain. If you have a realized gain on one stock that you sold, it can be compensate by any realized loss on any other stock that you sold. You also need to be aware that long permanent status gains are taxed differently than short permanent status gains (gains on stocks held less than one year). The duty rate on long term gains is roughly speaking 1/2 the rate on short term gains more or smaller quantity depending on your tax bracket. Certain dividends are also taxed at roughly speaking 1/2 the rate of regular income. Some dividends are not. It depends on the tax status of the corporation. Your 1099 will tell you which are and which are not. You foot taxes on your income, not on your assets
Investors/traders can only have income on dividends, interest, and trading profits, so they earnings taxes on net income, that is network dividends, net interest, and net profits
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Answers: First you must determine if it is short term gain or loss or long occupancy . Short term= bought and sold less than one year
Long term= bought the stock held it for one year or
longer and than you sold it.
you only win taxed on the gain so if you invested $1500 and sold it for $3000, your gain would be $1500 and the $1500
would be taxable and would be reported on Form D under short permanent status or long term.
Same applies if you break even , your transaction must be reported on Form D, but no taxes will be do because there is no gain. You can also take off any losses
Mr Nobody is exactly correct. Let me clarify just a tad. You do not pay any taxes on unrealized gain. That is if you do not sell the stock even though it has doubled within price, you do not owe any taxes on that gain. If you have a realized gain on one stock that you sold, it can be compensate by any realized loss on any other stock that you sold. You also need to be aware that long permanent status gains are taxed differently than short permanent status gains (gains on stocks held less than one year). The duty rate on long term gains is roughly speaking 1/2 the rate on short term gains more or smaller quantity depending on your tax bracket. Certain dividends are also taxed at roughly speaking 1/2 the rate of regular income. Some dividends are not. It depends on the tax status of the corporation. Your 1099 will tell you which are and which are not. You foot taxes on your income, not on your assets
Investors/traders can only have income on dividends, interest, and trading profits, so they earnings taxes on net income, that is network dividends, net interest, and net profits