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Should I specify stock sale transactions categories ?
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March 21, 2020
3:53 AM
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Investors & landlords
Yes, you need to specify stock sales according to the sales that are Short Term vs Long Term and Covered (where basis is reported to the IRS) and Non Covered where basis is not reported to the IRS).
The Short Term stock sales are taxed as Ordinary Income and the Long Term are taxed at Capital Gains rates (which are lower).
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March 21, 2020
5:25 AM