Should I specify stock sale transactions categorie...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

Should I specify stock sale transactions categories ?

 
2 Replies
Expert Alumni

Should I specify stock sale transactions categories ?

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).

 

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Level 15

Should I specify stock sale transactions categories ?

It has to be one of the six categories.

Dynamic Ads
v
Privacy Settings