StockFetcher Forums · General Discussion · Have you ever paid taxes?<< >>Post Follow-up
betyerbottomdollar
169 posts
msg #55515
Ignore betyerbottomdollar
10/3/2007 11:32:28 PM

Of course you have paid taxes...but check this out. I got a fat letter from the IRS today saying I owe ten grand from my '05 return due to the sale of stock. Now, two years ago I was hardly the sophisticated trader I am today and I was down about $500 at year's end. So the 40K in stock I sold that year (a coupla grand at a time, buying and selling, really adds up) is the number the tax man is going by. WTF? And all this time I thought I didn't have to pay taxes on money I didn't make!

And I am scared to think of what my '06 return has in store for me...I did the same thing but with twice the $$.

Does this kind of thing sound normal?



drew9
171 posts
msg #55516
Ignore drew9
10/3/2007 11:46:00 PM

You obviously did not prepare your return properly. Your Broker only (until last year) had to file Stock Sales with the IRS. If you did not show the offsetting Buys and the net gain or loss on the proper schedule then they are assuming you made a 100% profit on the Sales that were reported. I would recommend getting with a respected tax preparer and have them ammend the return.

Drew

karennma
6,386 posts
msg #55519
Ignore karennma
10/4/2007 8:40:53 AM

Been there, done that.
Your return has a mistake in it .. something you overlooked.
I had to get an accountant to find the mistake.
No biggie.
Nothing to worry about. Just correct the error and you'll be good to go.
:>)


jrbikes
624 posts
msg #55530
Ignore jrbikes
modified
10/4/2007 9:29:28 PM

yes, this happened to me, they tried to get me for $4500.00 for a stinking reverse split!

It cost me $350.00 to file the ammendment, but the IRS had to send me a check! HA!

oh yeah, at least the Brokerage Firm was expedient in my REQUEST for the proper paper work!

betyerbottomdollar
169 posts
msg #55531
Ignore betyerbottomdollar
10/4/2007 10:15:36 PM

Thanks ma, and bikes it is good to hear that I am not the only person who goofed on his taxes. Maybe because we are from Texas?

In other news
I have no friends who give a dang about me and my stocks so I have to brag to someone before I bust! My portfolio is up just over 20% in the last three weeks, baby! AFSI just sold for a 9% profit...aaaahhhh....

karennma
6,386 posts
msg #55548
Ignore karennma
10/5/2007 1:13:44 PM

betyerbottomdollar
betyerbottomdollar 10/4/2007 10:15:36 PM
In other news
I have no friends who give a dang about me and my stocks so I have to brag to someone before I bust! My portfolio is up just over 20% in the last three weeks, baby! AFSI just sold for a 9% profit...aaaahhhh....
======================
======================
Hey BBD:
Congrats!
I know the feeling .
Working from home can feel very isolating ...
When you're doing good ... who do you tell?
When you're doing bad ... who do you tell?
Friends just don't "get it" .. .. very frustrating!
Thank goodness for online trading friends, eh?
$$$$$
:>)







karennma
6,386 posts
msg #55549
Ignore karennma
10/5/2007 1:34:43 PM

right now, I want to kill myself for getting out of a position too early.
:>(


betyerbottomdollar
169 posts
msg #55558
Ignore betyerbottomdollar
10/6/2007 1:18:44 AM

Ma, you summed it up exactly.

I hear you about watching stocks jump after you get out. See, I decided to never feel that way again. After two years of losses I realize that any gain is something to be happy about. I get out of most of my positions too early, but my goal is to get out of them with a gain. And they add up, baby!

Dan-o
19 posts
msg #55566
Ignore Dan-o
10/6/2007 9:20:44 PM

I''ve stayed organized and used spreadsheets to get my activity ready for tax time. After I fill in my Schedule D and D-1 I tie back the totals to the spreadsheet. Never had the coppers come back with anything.

StockFetcher Forums · General Discussion · Have you ever paid taxes?<< >>Post Follow-up

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