Recent content by sjaljalkfls

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    Capital Loss Carryover?

    Yes you may. Any remaining loss carryforward, after subtracting the current year's gain and the 3,000 your allowed to offset other income the remaining loss will not change it's character as long term.
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    Sell and buy stocks many times a year,- Does this generate high tax?

    According to your description, you reap some short term capital gains and whose tax rate is the same as your income tax rate ranging from 10% to 35%, really higher than the long term capital gains tax rate which ranges from 5% to 15%. If you use tax software such as TradeMax, it will calculate...
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    Tax software possess the three forms

    TradeMax supports all the three forms you described above, not limited but included, it supports running up to dozens of reports , only serveral easy steps to generate Daily Account/Portfolio Value Chart Report or Mark to Market Gains & Losses Pie report for the purpose of better investment.
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    Unknown cost basis of a spinoff and unknown basis date

    Assuming that you are talking about a publicly traded security, you can contact investor relations and/or your brokerage firm to locate info on the spinoff date and spinoff details. From there you should be able to back into your cost basis.
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    If I report a capital loss, can I get some refund from the loss ?

    Net loss of either type occured in the sale can offset the other kind of gain. If you have an overall net capital loss this year, you can deduct up to $3,000 of that loss against other kinds of income including your salary, for example, and interest income. Any excess net capital loss can be...
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    Are corporations subject to the wash sales rule?

    When you sell a stock at a loss and repurchase a substantially identical stock within 30 days, your transaction will likely be considered as a wash sale. A taxpayer cannot deduct losses incurred from wash sales, however, gains from such sales are taxable. A wash sale results when a taxpayer...
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    Calculating Cost Basis for AT&T, Verizon, and Vodafone

    If you trade through a broker or your bank or whoever you purchase your stocks and funds through might keep accurate records of cost bases for your holdings, thats the easiest way, try asking them.
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    Seems that you have elected mark to market accounting, Since all positions marked to market (priced to year end market prices) at year end, there are no wash sales to calculate or report to the IRS. After you elect mark to market accounting, your items is considered to be sold out at the year...
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    capital gains tax for 2003 year

    I second the aboved answer. The tax rates that apply to net capital gain are generally lower than the tax rates that apply to other income. For 2010, the maximum capital gains rate for most people is 15%. For lower-income individuals, the rate may be 0% on some or all of the net capital gain...