Any Tax folks on TG? I got a question!

[peardog]

Hi folks..anyone here a TAX prep person/accountant etc... I have a question relative a Schedule D form I have to send to the IRS relative an "issue" I had with my 2005 return..

Thanks for any help..

[B. Clawhammer]

PM dark viper. he might be able to help you out

[Trooper]

Originally Posted by B. Clawhammer

PM dark viper. he might be able to help you out

Just gonna throw this out there...The first thing i think of when i think taxes is dark viper, yeah right. Just make sure you dont give him any real info, like SSN DOB or your real name.


Just kidding.

[peardog]

heh..Nice!..

[Dark Viper]

bring it on

[Acreo Aeneas]

Since we're on the question(s) of taxes, I do have a question.

As a dependent full-time college student, do I file my taxes separately from my parents every year?

[Trooper]

depends really. Do your taxes both ways and find out which would give you guys the best refund.

[ScratchMonkey]

http://en.wikipedia.org/wiki/Taxatio..._United_States

Check out the graph titled "Wealth and Taxes". According to the lower part, 50% of the population is responsible for only 3.3% of all Federal taxes. So by cutting gross Federal taxes by only 3.3%, we could eliminate the need to withhold or file for half the population! Imagine not having all that paperwork! How much would GDP rise from releasing all that paper-pushing labor to more productive pursuits?

[peardog]

Heh..Ok... I have to report on a Schedule D form a Loss/Gain from the sale of Stocks (2005 Tax year..oops)... So if I add up the total costs (actual..not including commissions..) of purchasing the stock.. and use that value in the appropriate Sched D. block ..then put the total Proceeds from the Sale..in the appropriate Sched D Block..
I should be able to show Gain/loss..right? Is there a Date range issue? If I bought Stock in 2003,2004 etc..and sold in 2005, I still add up the costs from 2003 and 2004 for the 2005 D form...right?

I got a thick envelope from the IRS yesterday..apparently they keep track of these things... :-(

[Dark Viper]

Originally Posted by peardog

Heh..Ok... I have to report on a Schedule D form a Loss/Gain from the sale of Stocks (2005 Tax year..oops)... So if I add up the total costs (actual..not including commissions..) of purchasing the stock.. and use that value in the appropriate Sched D. block ..then put the total Proceeds from the Sale..in the appropriate Sched D Block..
I should be able to show Gain/loss..right? Is there a Date range issue? If I bought Stock in 2003,2004 etc..and sold in 2005, I still add up the costs from 2003 and 2004 for the 2005 D form...right?

I got a thick envelope from the IRS yesterday..apparently they keep track of these things... :-(

Yes, you put stocks on your taxes the year you sell them. You can either put the ones bought in 03, 04, and 05 in different lines or you can add them all together and put them on the same line. I always put them on the same line because it's just easier for me that way. If you do seperate, make sure you put the stocks you've had for under a year in the short term part. If you do all together, put it all under long term. Oh, and you can add all the commissions into the buying price of the stock, even the commission that it cost to sell.

Originally Posted by Acreo Aeneas

Since we're on the question(s) of taxes, I do have a question.

As a dependent full-time college student, do I file my taxes separately from my parents every year?

Like Trooper said, figure both ways and see which is better. Though if you work at all and have more than say $200 federal withheld, go ahead and file your own, but don't claim yourself on your return if your parents are going to. That way you can still get the 200 or more back. And if you make over around $8600, at least figure your taxes incase you owe.

[peardog]

Good Stuff Viper thanks.. I was investing in one of those Monthly take it out of my check deals..so every month they would take like $100 out and buy what I told them to minus commissions etc.. (Sharebuilder.com)..So every month I spent the same amount I would get more or less stock... And of course to make life difficult I had a Split in there or two so keeping track of what the heck happened is miserable.. Friken Activision..

What I was reading is that on Schedule D-1 I should put EVERY ONE of my transactions on there...(like 2 dozen) which would kill me slowly.. Is that just IRS propaganda... or since I am at this stage I better follow directions... ?


Thanks again.. Peardog..

[Dark Viper]

Sorry I guess I misunderstood. I thought all the stock was from the same company. You can put all transactions from 1 company's stock on 1 line. But if you have stocks from 2 or more different companies, put each company on its own line.

Example: you bought stock for Wal-Mart. You got 50 shares in 2002 at a price of $5 a share and you bought 45 shares in 2004 at $6 a unit. Now you sold all 95 shares in 2005 for $7 a unit. You can put it all on the same line, put the date aquired as whenever you got the stuff in 2002, amount of 95 shares, price of $520 (50*5 + 45*6) and the selling price as $665 (95*7).

Now say you bought 50 shares from Wal-Mart in 02 and 45 shares from Target in 04, and sold them all in 05, you would have to put Wal-Mart on 1 line and Target on another line.

I hope this helps, unless I'm misunderstanding the question again. Another thing is that if you don't see a cash profit off one stock sale because it was roled over into another stock, you don't have to report that as income. I have only seen that like 2 times and I'm not exactly sure I remember how I did it lol.

[peardog]

Originally Posted by Dark Viper

....Another thing is that if you don't see a cash profit off one stock sale because it was roled over into another stock, you don't have to report that as income. ..

A great point...in that I had that happen in 2004 where I sold stock and rolled it into another (Sirius Radio - Boy do I suck investing) and never had an issue..

I was just concerned thinking I would have to enter :
2.35 Shares ACTI bought 01/03/2004
2.23 Shares ACTI bought 02/03/2004
etc..etc..
And I also didn't sell all of it at once.. I sold like 25% at one point then 50% later in the year.. And of course buying it constantly at different prices per share (Although my INVESTMENT in terms of $$ never changed)

Great Stuff tho Viper...Thanks for your info!!..
I wish we had a TAX ribbon/award... ;-)

[Acreo Aeneas]

Ah, thanks a lot Viper. I'll just file with my parents then. I was just all confused, since I have filed both ways the last few times.

[BeSiege82]

hey guys, I live in Pennsylvania and I am a minor. I am curious what (if anything) would change in my tax form, because I am a minor when writing this post, but when I write my tax form I will be 18.