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Thread: tax question

  1. #1
    Join Date
    Mar 2006
    Posts
    17

    tax question

    still a newb here, so i have a newb question...if i do indeed make profit investing and such, how do i go about reporting that...is there a specific form to file??

    seriously dude...newb

  2. #2
    Join Date
    Mar 2006
    Posts
    18

    Re: tax question

    Definitely get a better answer than mine, but any profit I make in interest on stocks/investments I have gotten a document straight from the company/bank with the interest earned...

  3. #3
    Join Date
    Dec 2005
    Location
    New Jersey
    Posts
    269

    Re: tax question

    You are correct. You will receive a form 1099INT from the investment Company.
    Don't get scammed. Check out all opportunities or Companies before doing business.

  4. #4
    Join Date
    Mar 2006
    Posts
    17

    Re: tax question

    so if i invested with vasco investments or some other company...they would actually give me the 1099 form at the end of the year??

  5. #5
    Join Date
    Mar 2006
    Posts
    18

    Re: tax question

    You should have already received it - usually after the 1st of the year, it comes in a pretty clearly marked envelope with "Retain for Tax Purposes" written on it... If you haven't gotten anything by now I would call b/c April 15 is right around the corner!

  6. #6
    Join Date
    Mar 2006
    Posts
    1

    Re: tax question

    Let me try and give you a better, more complete answer.

    "make profit investing" is ambiguous.

    Let' say you bought a stock in 6/05 (or at any time, any year, prior to 12/31/05) and its value increased by year end, but you hadn't sold it by 12/31/05. This is called an unrealized gain, because you haven't turned it into cash, and are still at risk to lose your investment. There is no taxable event here.

    If you had sold it by 12/31 then you would get a statement from your broker detailing transactions for 2005 and you would have to report these transactions and pay taxes on the gain using form Schedule D which is attached to your personal income tax form (buy turbotax and let it do the work for you).

    If you received dividends you would get a 1099-div listing those amounts. My brain isn't working completely for some reason. If you sold the stock I'm not sure if you get a 1099 or just a year end broker statement of purchases and sales, since 1099s are usually used to report taxable amounts, and sometimes the broker can't track the gain portion of the proceeds such as in cases where you made purchases on several dates at different costs and don't sell all of the stock, you can decide for tax purposes which stock purchase was the source of the shares sold (the broker doesn't know/care since their value at date of sale is identical).

    All of the above assume syour investment was thru a Fielity, Schwab, etrade, etc. If you invested thru a partnership or in some other non-publically traded vehicle 'd need a lot more info to give you a better answer.

    Hope this helps

  7. #7
    Join Date
    Mar 2006
    Posts
    17

    Re: tax question

    thanks for all the help guys

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