How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask geedubya55 Your Own Question

geedubya55
geedubya55, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 358
Experience:  17 years experience in business and individual taxation specializing in small business and farming
58915187
Type Your Tax Question Here...
geedubya55 is online now
A new question is answered every 9 seconds

I borrowed money against my stocks in 2010; in 2011, the value

Resolved Question:

I borrowed money against my stocks in 2010; in 2011, the value of the stocks fell so low that the broker sold some of the stocks to maintain the margin of debt/value of stocks ratio. I didn't receive any cash in the transaction... will the entire amount of the sale of the stocks count as taxable income in 2011?
Submitted: 2 years ago.
Category: Tax
Expert:  geedubya55 replied 2 years ago.

Thank you for using Just Answer.

 

The answer to your question is no. The entire sales price of the stocks sold is not taxable income because you will be able to deduct the amount that you originally paid for the stocks (your basis). Your broker should be able to provide you with the information concerning the sales price and the basis. If the value of the stocks fell below the original purchase price, you will have a net capital loss. This may be used to reduce other capital gains, and to a limited extent, can offset ordinary income.

Customer: replied 2 years ago.
Thank you! I will see if I can find that out. I purchased the stocks over a period of time when I worked for the company many years ago....hopefully I will be able to find out how much I paid for them. can you tell me what schedules I would need to file... and if I sign up for the monthly subscription, is there a way that I can have you answer the rest of my questions? You seem very helpful!
Expert:  geedubya55 replied 2 years ago.
To report your stock sales, you use form 8949 to list each transaction separately, then the totals from 8949 flow to schedule D. From schedule D the net capital gain or loss flows to line 13 of the 1040. To request me for future tax questions, just start the question with "For geedubya55". If I am on line at the time, I would be glad to answer. Thanks again for your question.
geedubya55, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 358
Experience: 17 years experience in business and individual taxation specializing in small business and farming
geedubya55 and other Tax Specialists are ready to help you
Customer: replied 2 years ago.
Thanks! One more question: my daughter is a full-time college student who turned 24 on April 30, 2011. She resided with my husband and me throughout 2011, and although she made just over $10,000 from her part-time job, we paid well over half of her expenses (including school expenses).
We'd like to claim her as a dependent, and I've read the IRS guidelines for claiming a family member as a dependent, but still am not clear: can I claim her if she turned 24 in 2011, or did she have to be 23 throughout the year?
Expert:  geedubya55 replied 2 years ago.

Unfortunately you will not be able to claim your daughter as a dependent. She will not be considered a "qualifying child" because she had turned 24 as of the end of the year. She will not be considered a "qualifying relative" because her gross income was more than $3,700. Even though you meet all other tests to claim her as a dependent, those two circumstances disqualify her to be claimed as a dependent.

 

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
< Last | Next >
  • http://ww2.justanswer.com/uploads/KU/KUMI95/2013-9-30_195031_kumar.64x64.jpg Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
  • http://ww2.justanswer.com/uploads/CU/Cuttinggirl/2011-10-29_03719_wcrop2.64x64.jpg Wendy Reed's Avatar

    Wendy Reed

    Enrolled Agent

    Satisfied Customers:

    3052
    15+ years tax preparation and tax advice.
  • http://ww2.justanswer.com/uploads/CATax/2009-08-04_204548_Mark.jpg Mark D's Avatar

    Mark D

    Enrolled Agent

    Satisfied Customers:

    985
    MBA, EA, Specializing in Business and Individual Tax Returns and Issues
  • http://ww2.justanswer.com/uploads/IN/insearchoftheanswer/2013-8-16_0233_attorney.64x64.jpg Richard's Avatar

    Richard

    Tax Attorney

    Satisfied Customers:

    3229
    29 years of experience as a tax, real estate, and business attorney.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    6121
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JG/jgordosea/2012-6-7_43138_GordosVeritas.64x64.jpg jgordosea's Avatar

    jgordosea

    Enrolled Agent

    Satisfied Customers:

    2783
    I've prepared all types of taxes since 1987.
  • http://ww2.justanswer.com/uploads/OZ/ozaukeecpa/2012-6-7_193219_Picture1croppedandshrunk.64x64.jpg MequonCPA's Avatar

    MequonCPA

    Certified Public Accountant (CPA)

    Satisfied Customers:

    2231
    CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.