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Which tax program is good for calculating stocks, especially if you lost money on stocks?4 Responses to “Which tax program is good for calculating stocks, especially if you lost money on stocks?”Pings responses to this postLeave a Reply |
Rev Response
you loss is deductible from your income.
you can carry forward loss if you are loosing after final calculation
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Stocks are a capital investment. Capital losses can only be used to offest capital gains for tax purposes, so unless you also had some gains from selling stocks this year you cannot take the deduction. However, you can carryforward that loss to future years to offset any future gains from selling stocks. If you used an investment firm, you shoud receive a tax form showing the amount of the loss. TurboTax, TaxAct, H&R Block TaxCut, and the numerous online services will all have steps to handle capital gains & losses as it is a separate schedule (Sch D) for a tax return.
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I track all my stock transactions on an excel spreadsheet
there are free spreadsheet programs out there -I also use Openoffice.org
Passive Income For Life
I have used Turbo Tax in the past and it has handled my stock sales well also. They are both programmed with the latest tax laws and calculations. I don’t think one is better than the other. Either one should be able to handle reporting your stock trades by entering the data on your brokerage statements in the appropriate places and filling out the correct forms and making the correct calculations.
Most people only need the basic version of these programs. I hope this helps.