Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-14-2011, 02:07 PM
Junior Member
 
Join Date: Apr 2011
Posts: 1
Do I report capital gains if taxes were already withheld?

I am determining if I need to report the sale of stock options on my tax return since federal/state taxes were withheld at time of sale. (I received the "net" check after taxes.)

I assume I should report this on my tax return. I received a 1099-like form from the investment bank (called a T5008; its a Canadian investment firm). The same amount appears in both the cost/book value box and the Proceeds/Settlement box. Would I simply report these amounts on my tax return?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-15-2011, 10:40 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,236
“I assume I should report this on my tax return. I received a 1099-like form from the investment bank (called a T5008; its a Canadian investment firm). The same amount appears in both the cost/book value box and the Proceeds/Settlement box. Would I simply report these amounts on my tax return?”---> I guess so; as Box 21 is for Proceeds of disposition or settlement amount , you need to report the total proceeds received by or credited to you, a recipient, in exchange for the securities. Amount deposited to your account is reported on box 21.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Avoiding Capital Gains jenngood S-Corporation 0 02-27-2010 08:31 AM
way to create capital gains? texastaxpayer S-Corporation 1 04-04-2009 04:05 PM
What is the treatment for Capital Gains and Capital Losses in a C-Corporation? katlee C-Corporation 1 02-01-2009 05:23 PM
Capital Gains kmk21248 Capital Gains 2 05-01-2008 02:50 PM
Reinvested capital gains tlagugu Capital Gains 1 03-22-2008 11:17 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning