Don\'t forget to fill out your Schedule D when doing taxes
Most people probably know this, but I didn't so just passing this info along.
In 2005, I made exactly $4.97 profit with stocks, before commissions. About -$35 after commissions. Anyways, it was my first year trading, and since it was a loss I foolishly didn't think I needed to report the loss.
Not surprisingly, last week I finally got a letter from the IRS requesting $450 in taxes for 2005 (plus interest) Apparently, they just take net sale value and don't figure in the losses when assessing if you haven't filled out the Schedule D. Anyways, don't be a dumbnut like me, save yourself some time and fill out the form this year if you didn't know to.
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