Buying & Selling Stock Income Tax Question

Buying & Selling Stock Income Tax Question

If I sell a stock at a profit this year, which I purchased in previous year, then use the profits to purchase another stock so no money ever comes out of my trade account, do I owe taxes on the profits?

Don't Know Cost Basis of Stock Sold

Cost Basis Of Stock Sold

If there is no record available (lost) of the purchase price of a stock that is subsequently sold, how does one calculate capital gain/loss?

Private Stock - Chapter 11 Worthless Stock

by JB
(CA)

I had $20k of stock in a private company that went bankrupt and reorganized so that my stock is not worthless. Do you know what IRS forms I would need to report the loss on my taxes?? I have been unable to get a letter stating what the company did and that my investment is now worth nothing but I do have the bankruptcy final plan of reorganization. Do I need other documentation if the IRS was to audit??

I normally do my own taxes with Turbo Tax as I have very few investments and income sources, do you know if Turbo Tax will still work.

Stock Commissions and Fees Payed to a Broker

Are the commissions and fees paid to a broker tax deductible?

Stock Dividends

If you don't get a 1099 regarding stock dividends, do you have to claim them. I received a nice sized check which was part of a settlement the stock company made with Verizon and they decided to share the wealth amongst their stockholders. I have not received a 1099 to my knowledge. What do I do. I filed an extension and am trying to finish up.

Thank you.

Stock Redemption

Hello. I need help answering the following problem below for my business tax class.

Thank you so much in advance for your help.

In 1985 Perry and his wife, Della, incorporated his construction business. The business was quite successful, allowing the couple to enjoy the finer things in life. Over the years, however, Perry and Della became disenchanted with each other and decided to go their separate ways. Nevertheless, Della would not divorce Perry, fearing that it would have a negative impact on her political career.

Recently, Della decided to run for the state legislature. Needing money for her campaign, she is considering selling some of her stock back to the corporation. Can she obtain sale treatment if the corporation redeems a portion of her shares?

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