Income tax questions: Do I fill out a 1040 schedule D if I sold stock at a profit of less than $700?
Income tax questions: Do I fill out a 1040 schedule D if I sold stock at a profit of less than $700?
Do I fill out an income tax 1040 schedule D form if I sold stock at a profit of less than $700? I'm hearing different answers from a few different people. Someone said that I would only use schedule D if my gain was over $1500. Anyone know the answer? Thanks!
Answers:
botygy: Yes,
Sch D
2008-02-10 14:08:38
2008-02-10 14:08:38
YA! 4ever: Hi Mary, you should only use schedule D if your gain was over $1500 so they are correct. I would definatly consult a CPA or your tax preparer for a 100% confirmation.
2008-02-10 14:09:37
2008-02-10 14:09:37
Chosen Answer
The Shadow: You use Schedule D to report all sales of capital assets, including stocks and bonds, but (usually) excluding your main home. Stock profits are not tax free just because they are under $1,500. You can verify the requirements by reading the instructions to Schedule D or the instructions for line 13 of Form 1040.
2008-02-10 14:58:23
The Shadow: You use Schedule D to report all sales of capital assets, including stocks and bonds, but (usually) excluding your main home. Stock profits are not tax free just because they are under $1,500. You can verify the requirements by reading the instructions to Schedule D or the instructions for line 13 of Form 1040.
2008-02-10 14:58:23