taxes ralized gain vs realized loss confusion

Discussion in 'Taxes and Accounting' started by patrick1234, Mar 22, 2011.

  1. Hi I started trading this year it has been a wild ride. traded quite a bit of stock in the millions. my question is I had a total loss of $36150 for the year. but under my reaized gain loss section it says I have a realized gain of much more in the millions. Then it says I have a loss of the difference also in the millions but the math does come out right saying I have a realized net loss of $36150 What I am trying to figure out is where did the millions of realized gain and loss come from I dont ever remember hitting any huge winners I barely ever got back to even. I hit a few good ones hear and there for no more then $5000 Just rying to figure this out. Also someone please tell me I have zeo tax liability for 2010 for this crazy habit I know have. Thanks
  2. Do you really think that someone here can provide a cogent answer when you can't figure out what numbers are correct on your 1099 form?

    If you truly have net losses of $36,150 for the year, as an individual, you can deduct $3,000 on your taxes each year, carrying the balance forward.

    As they often say, get some professional help :)
  3. ElCubano


    the millions of $$$$$ are your purchases and sales....substract them and it should come out to your loss of 36k...and then from there you can only deduct 3000 and carry forawrd like the poster above said....
  4. He might have a wash sale issue that after all said and done, could have a net realized gain for the year and owe plenty of $$$ to the taxman.
    I assume that he made quarterly tax payments when needed. (I also assume he did not elect trader status.):confused:
  5. How could I owe money when i had a net loss for the year. I LOST $36000 Also dont you just add cost basis to your shares. I sold everything I had by 12/08/2010 and didnt trade any more stocks for 30 days dosent this nullify all wash sales for the year. Regardless point is I lost money I dont see how I could owe money when I have a loss for the year. could some one who knows the correct answere please let me know.