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What does the IRS say about stock trading?
The IRS has published many documents regarding stock trading. The IRS says that anyone who has performed a trade is classified as an investor and must fill out the appropriate forms when filing income tax returns.
If you sell stock do you owe tax on the capital gain of the stock or entire principle amount?
You only owe tax on the capital gain.
What is commodity transaction tax?
This tax is 0.01 percent and it is assessed when trading non-agriculture commodity derivatives. It has the potential to affect the trading of metals, including gold and silver.
Is an income tax program available to a stock broker?
Yes. There are versions of the programs specifically designed for people who hold a lot of stocks or bonds, such as TurboTax Premier. They are not free, though, unlike the other tax programs.
Do you have to pay a capital gain tax if you transfer all your stock to your daughter?
Yes, transferring stock to your daughter may trigger capital gains tax if the transfer is considered a sale or if the stock has appreciated in value. Generally, gifts of stock are subject to gift tax regulations, but the recipient (your daughter) would take on your cost basis for the stock. If she later sells the stock, she may owe capital gains tax based on the difference between the selling price and your original purchase price. It's advisable to consult with a tax professional for specific guidance.
What is the wash rule and how does it impact stock trading?
The wash rule is a regulation that prevents investors from claiming a tax deduction on a stock sale if they repurchase the same stock within 30 days. This rule impacts stock trading by discouraging investors from selling and repurchasing the same stock quickly in order to manipulate their tax liabilities.
What does the IRS say about stock trading?
The IRS has published many documents regarding stock trading. The IRS says that anyone who has performed a trade is classified as an investor and must fill out the appropriate forms when filing income tax returns.
How do you invest on stock exchange?
You can invest in the stock market if you have an account with a stock brokerage firm that offers an online trading account. For Ex: you can sign up for a trading account with Merrill lynch and after that you can invest in the stock market through that account. You must be a legal citizen of the country with a tax payer ID to open an account and legally trade in the stock market.
Is it possible to sell and rebuy the same stock?
Yes, it is possible to sell and rebuy the same stock in the stock market. This is known as a "round trip trade" or "day trading." Investors may sell a stock to take profits or cut losses, and then buy it back at a later time. However, there may be tax implications and trading fees associated with frequent buying and selling of the same stock.
What are the wash rules for trading stocks in order to comply with tax regulations?
The wash sale rule in trading stocks means you can't claim a tax deduction if you sell a stock at a loss and buy it back within 30 days. This rule is in place to prevent people from manipulating their tax liabilities through artificial transactions.
Dividend reinvestment tax free?
no, they are not tax free. The dividends are taxed in the year paid. The dividend reinvestment is a purchase of stock just as if you used cash. You have to track every single purchase transaction of stock from every reinvestment to keep track of the cost basis of each stock, so as to cost it out when you sell. Motley fool has some nice info on this
What is the tax cost for a Morris mini?
well it depends on what tax do you mean. Road tax is free for cars that were made before 1975.
What is the meaning of Security Transaction Tax?
The tax levied on trading transaction
How do you report Incentive Stock Option?
You do it twice. The first is when you exercise the option. An ISO has a "strike price" - the price you get to buy the stock at. Stock has a fair market price, which is what everyone else has to pay for it. The spread between the two is used to calculate your Alternative Minimum Tax in the year you exercise the ISO, if you hold the stock at the end of the year. Yes, of course there is an example. You work for Acme, and they gave you an ISO to buy 100,000 shares of stock at $10 per share. On the date you exercised this option, the stock was trading at $11. Subtract $10 from $11, multiply by the 100,000 shares, and you have to tell the IRS about $100,000 in spread. If you hold the stock for at least one year after exercising the stock AND two years after receiving the ISO (which might actually mean you held the stock for two years, if you exercised the ISO right away), the tax you will pay is long-term capital gains tax on the difference between the strike price of the ISO and the price you sold at.
What is commodity tax?
This tax is 0.01 percent and it is assessed when trading non-agriculture commodity derivatives. It has the potential to affect the trading of metals, including gold and silver.
Is there a cheap IRS free tax software online?
In answer to your question about IRS free tax software, yes. You can find Turbo Tax free edition at www.turbotax.com/filing-tax-free. Also, Tax Act has free software.
If you sell stock do you owe tax on the capital gain of the stock or entire principle amount?
You only owe tax on the capital gain.
