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| *Loan,banking and credit>>>tax accounting |
How do I account for a short stock sale on my taxes? |
I shorted 100 shares of INTC on 4/13/06 ($1944) and covered 5/16/06 ($1913) (short-term) for a measley profit of $32. What is the date I acquired the stock? What is my sale price & cost basis? This seems simple, but the shorting part is getting me turned around a little... Thanks for the help. www.irs.gov proceeds = $1944 cost basis = $1913 if the tax software doesnt allow you to put in the purchase date after the sale date, just report the sale on schedule D under "short term" gains http://www.irs.gov/pub/irs-pdf/i1040sd.p... JOHNNY, Get your little toosh to a Jackson Hewitt Tax Service office, you know too little to do it yourself and enough to screw it up. Trust me babe, I get a lot of people coming to me in the summer because they did it themselves and the IRS sends then a nice big bill.....then I get to charge a lot to do an amended return. I guarantee you will be happy with the service..... www.jacksonhewitt.com JH Franchisee |
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