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If i bought stock in 2017, did it have to be on my taxes. I…

If i bought stock...

If i bought stock in 2017, did it have to be on my taxes

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Accountant's Assistant: OK. As the Accountant's Assistant I have a few questions for you. I love the idea of making big money with investments, but there are so many things that could go wrong. The Accountant will be able to help you. Please tell me more, so we can help you best.

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Accountant's Assistant: Is there anything else important you think the Accountant should know?

I used an investment site called robin hood and bought stocks in amd

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Answered in 13 minutes by:
3/17/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,663
Experience: Taxes, Immigration, Labor Relations
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You will not report anything on your tax return until you SELL stocks.

If you just hold stocks and did not sell them - nothing is reported on your tax return.

However - if stocks paid dividends in 2017 - that will be dividend income and will be reported.

.

When stock value is going up or down because of market - you may have UNREALIZED gain or loss - that is not taxable or deductible.

When you sell the stock - the gain or loss is REALIZED - and sale transaction is reported on your tax return.

Let me know if you need any clarification or help with reporting.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,663
Experience: Taxes, Immigration, Labor Relations
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Customer reply replied 1 month ago
Ok thankyou that was all i needed
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