If you sold stock during the past year, the sales price of that stock is taxable, but you can offset that amount by any cost related to the purchase and sale of the stock. Be sure to contact your stockbroker and ask for a realized gains and loss report.
If you paid more than you profited in the sale of a stock, you will be able to claim a loss on your tax return for up to $3,000–thus lowering your taxable income by the same amount. For more practical and easy to understand advice, please contact one of our tax experts today at (585) 705-3405.
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