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Investment Tax? |
I'm getting ready for next year tax season. I have some investment overseas and i'm expected to disclose the income on my taxes. I just started the investment portfolio and haven't gotten any money from it not even a dime. However i have the ability to log online and just view the portfolio and see how its doing. And to be frank its very new and i'm loosing money. Do i need to still declare this investment on my taxes eventhough i haven't gotten any returns on it yet? If you get dividends, then you'd have to report those. Otherwise, you don't report gains or losses in an investment until you sell it - then you report the difference, up or down, between selling price and purchase price. You get to take off any commissions you paid. Investments are not taxed. Interest, Dividends and Capital Gains from investments are taxed. |
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