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M
minardrt
January 29, 2025
Question

do report to the irs gains/losses under $1.00?

  • January 29, 2025
  • 1 reply
  • 0 views
My gains/losses are below $!.00 Do I still need to report this to the irs?

    1 reply

    M
    MinhT1
    January 29, 2025

    In theory, you have to report all income. 

     

    And income is rounded to the nearest dollar, 0 to 49 cents down, and 50 cents and over to the next dollar.

     

    However, I would disregard a gain/loss under $1, as it would have no or very little impact on your tax. 

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