Stock Tax Question

[gynecologist]

If someone sold $544 of a stock in 2006 that they held since 2002 and made a very small profit from it overall would you still have to mention this on your taxes and how much Tax would someone owe on that?

Believe profit was $120..

Sorry for my ignorance on this subject hopefully someone understands this and can help..

Thanks..

 

[heart222]

hi you should recieve a 1099 from the firm that you sold the shares at. the proceeds will be reported tothe government. on your tax return you can show it as a long term capital gain taxed at 15%. either your account or turbotax etc wil help you through the issue. regards heart222

 

[PercocetThreat]

Yeah, what heart said. If you file your own taxes then you have to fill out a Schedule D which is the form used for all stock transactions. It's pretty easy to fill out, especially if that one sell is the only activity. Just make sure you fill it out under the "Long Term" section, not the short term.

 

[TKE683]

Sorry gyno, even one dollar profit you have to report it.