Taxes and Stocks

[Repost Squintz]

IF I sell stock now, would i have to pay taxes for the 06 tax return or would that be for 2007 tax return

[ironchef]

Are you really asking that? It would obviously be for the 04 return duh. Nah for real though it'd be 07. 06 Is over and done with so....

[Repost Squintz]

well i just wanted to make sure.... anways.. mods can delete this waste of internet space

[cpa ric]

That transaction occurred in 2007. Report it on your 2007 tax return. Many people time transactions near year end to bring down taxable income. You can sell stock that you will take a loss on right near year end. For the clients I deal with, this can make a big diffence in whether or not they get hit by alternative minimum tax. This is what CPAs are for. They help you to PLAN. Tax PLANNING leads to tax SAVINGS. Just doing this stuff on turbotax or some other program is ok when you are young and poor, but when you start to aquire wealth, you would be foolish to do your own taxes.
Ric

[JstAneon]

That transaction occurred in 2007. Report it on your 2007 tax return. Many people time transactions near year end to bring down taxable income. You can sell stock that you will take a loss on right near year end. For the clients I deal with, this can make a big diffence in whether or not they get hit by alternative minimum tax. This is what CPAs are for. They help you to PLAN. Tax PLANNING leads to tax SAVINGS. Just doing this stuff on turbotax or some other program is ok when you are young and poor, but when you start to aquire wealth, you would be foolish to do your own taxes.
Ric

+1 What firm do you work for?

[cpa ric]

Westbrook, McGrath, Bridges, Orth, and Bray.

You work in public?

[ShooterMcGavin]

i totally fuckin forgot to dump shit. ironchef, i hate u man, i'm still stuck in that actc or whatever the fuck that tanked early in the yr and is still in the hole :(

[ironchef]

Im still in CSHD lol and look where thats at. ACTC will still come back, its actually a real company with a real invention/product, just gotta give it more time for the fed funding on stem cells to kick in.

[Julio]

Just doing this stuff on turbotax or some other program is ok when you are young and poor, but when you start to aquire wealth, you would be foolish to do your own taxes.
Ric


What you consider poor ? Just curious...

[ShooterMcGavin]

Im still in CSHD lol and look where thats at. ACTC will still come back, its actually a real company with a real invention/product, just gotta give it more time for the fed funding on stem cells to kick in.
bwahahahaha, i sure as fuck hope so :(