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mercurianacinony

Solved

New to stocks. I had two stocks I sold before August 31st. Despite one being a capital gain, the other was a bigger loss for a net loss that quarter. Did I owe taxes?

Forum|Forum|1 year ago
January 3, 2025
1 reply
0 views

One was a gain of $141.91 the other a loss of $192.82. I work hourly with a yearly of $47,320 if I work 40 hours every week, male, single.

Best answer by fanfare

Your net loss is deductible on Schedule D.

It is to your advantage to report the two transactions.

Reporting is required whether or not it is to your advantage.

@mercurianacinony

for 2024 if withholding and timely estimated tax payments are 1) equal to 90% of your 2024 tax; or 2) 100% of your 2023 tax; or 3) you owe less than $1,000 after subtracting federal withholding, there will be no underpayment of estimated tax penalties s regardless of what your income was for any period.

Employee

Your net loss is deductible on Schedule D.

It is to your advantage to report the two transactions.

Reporting is required whether or not it is to your advantage.

@mercurianacinony