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Long Term Gain Rollover

Sent to Tax Experts July 03 09:58 PM

My income is 14,000 for 2005 and I have Long Term Gain from stock sale of $596 (purchased 8/02, sold 1/05). How much must I claim for 2005? And, what is the formula.

 

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San Mateo, California

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July 3 10:09 PM (10 minutes and 33 seconds later)
         
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Long term capital gain tax is maxed at 15%, but if you are in 10% or 15% tax bracket, it is 5%.

You should be in 10% tax bracket if your total income is $14000.

The capital gain tax:

596*.05=$29.8
Zhicheng Lai -- Enrolled Agent(EA) -- 98% Positive Feedback on 742 Tax Accepts
5 years tax preparing experience
Reply
July 3 10:23 PM (13 minutes and 45 seconds later)
         
Reply to Zhicheng Lai's Post: "How much must I claim for 2005?"
I asked if I had to report the total gain in 2005 or can I roll over or roll back part of the gain to other year or years?
Customer (name blocked for privacy)
Answer
July 3 10:28 PM (4 minutes and 49 seconds later)
         
REPLIEDCheck Mark
You have to report the gain on schedule D on 2005 return 1040 with the amount money you received, selling date, your cost, purchasing date.
http://www.irs.gov/pub/irs-pdf/f1040sd.pdf

Edited by peterlai on July 3 2006 at 10:33 PM
Zhicheng Lai -- Enrolled Agent(EA) -- 98% Positive Feedback on 742 Tax Accepts
5 years tax preparing experience
Reply
July 3 10:44 PM (16 minutes and 28 seconds later)
         
Reply to Zhicheng Lai's Post: I'm sorry, but you still didn't answer my question.
"How much must I claim for 2005?"
I asked if I had to report the total gain in 2005 or can I roll over or roll back part of the gain to other year or years?
Customer (name blocked for privacy)
Answer
July 3 10:48 PM (3 minutes and 37 seconds later)
         
ACCEPTEDCheck Mark
You have to claim the gain of $596 on Schedule D for 2005.

You have to report the total gain on 2005. You can not roll over or roll back part of the gain to other years.
Zhicheng Lai -- Enrolled Agent(EA) -- 98% Positive Feedback on 742 Tax Accepts
5 years tax preparing experience
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