Replies to post #6668 on Phoenix Associates Land Syndicate (fka PBLSQ)

[Casprs1]

You pay... or subtract... on your overall trading performance.

[Pennypicks]

IRS Publication -

. Sales and Trades of Investment Property


http://www.irs.gov/publications/p550/ch04.html#d0e10984

[sandandgravel]

for the year its what you make on all your investments,if you lose, it will even out if u make on some.If you loose a lot you get to take a $3k deduction on future year taxes till you exhaust your losses.I know,i talk from expereince,hehe

[CheezyTang]

itznotwillis....

when you fill out your tax forms, you will be asked to input all trades you have done. It will ask you to input when you bought, what was the cost basis, when you sold, and what you sold at. They are plugged in by the individual stock, mutual fund, etc. Therefore, if you bought PBLS, MSFT, and TGT, you will have to account for each.

Now, if you bought MSFT 2 years ago, but sold this year (2005), you will have to remember what your cost basis was. If you bought PBLS this year, but did not sell this year (owning it through the new year), I don't think you will need to insert that info until you sell (can someone confirm this?)

The IRS does not really care what your "account" says, since you may have multiple accounts, like me, and your trades are individually accounted for.

Hope this helps.
Dan

[monkeyfrog]

OT -The only problem is you can't subtract the loss if you were flipping the stock and you will always have to pay on any profit- What I mean is if you trade the same stock within [30days] and had losses on it- you can't take the loss on those trades. Did I make it more confusing?

[partysasquatch]

Itznotwillis, Depends if you were buying and selling the same security within a 30 day before and after window without washing the money.

You could be at a loss and still have to pay capital gains. Ask a CPA for your individual trades.

Party