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I have tried investing/trading and so far I am not

Customer Question
I have tried investing/trading...

I have tried investing/trading and so far I am not profitable. Would I still need to do taxes even if my account is down right now?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I have an account open at Etrade. They are a brokerage. My account is down like 900 dollars, since I am still learning. Does that mean I dont have to do taxes on those, since my overall account is not profitable. I dont unbderstand how investing,trading and taxes go together.

Submitted: 1 month ago.Category: Tax
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Answered in 6 minutes by:
12/24/2017
Tax Professional: Barbara, Enrolled Agent replied 1 month ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,806
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Even though you are not profitable and are at a loss, you will receive a brokerage statement from Etrade detailing your transactions. The IRS also receives a copy of the statement.

You will report the sale transactions on your tax return even though you are not profitable/have a loss.

If your losses exceed your gains, you can write off up to $3,000 of the excess losses each year against your income.

If your losses exceed your gains by more than $3,000, you'll have to carry your losses forward to future tax years.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Tax Professional: Barbara, Enrolled Agent replied 1 month ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to help you.

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