Stock trading do we need to pay taxes on that

[jarman32]

I bought some stock and then sold. Nothing big. Just wanted to try it out. Do i need to pay taxes for that?

[JillS56]

You should have received a 1099-B from the brokerage firm that handled the stock trades or you should have a 1099-B available on your e*trade account.   The transactions listed on your 1099-B need to be reported on your return.   Whether or not you have to pay tax is determined by whether or not you have a gain or a loss.   

The information  you need to report is:

• Date of Acquisition
• Date of Sale
• Proceeds from Sale
• Cost Basis (what you paid for the original purchase)
• Whether it was Short -Term or Long-Term  (Short-term means you owned it for 1 year or less; Long-term means you held it for more than 1 year).

All of this information should be reported on the 1099-B.