I exercised options from my old employer last year in a same day sale transaction.  I need some general guidelines on how to account for those...what forms?  What information do I need?  etc.
207250
The recording of the option income is required by the employer whether a disqualified disposition for incentive stock options or exercise of nonqualified stock options.  \n\nHowever, the gain (or loss) of the stock sales would require you to put the price and date you bought the stock along with the date and amount you sold the stock.\n\nAt the end of the year, the option income will be reflected on a W-2 form (originally options offered when you were an employee) whereas you will be required to post the gain/loss amount on your income tax return for the sale of stock.
428147
Just think of it like this - an opening transaction starts the position - long or short (a buy to open would be a long, a sell to open would be a short) and a closing transaction leaves you flat (buy to close = covering a short, sell to close = selling a long).  They ask this because shorting options can be extremly risky, and may brokers will not let you sell call options short.\nI don't know what quote software you're using, but the 45 and 55 sound like strike prices to me, you should look into that.\nWhen you buy one call option contract, you're buying the RIGHT to buy 100 shares of the stock at the predetermined price, not the obligation, and not the actual shares, but I'm probably splitting hairs here - yes, one contract is equivilant to 100 shares.\n\nOptions are bot and sold just like stock, you make money with them the same way you would trading stock - buy low and sell high (or visa versa).  One important distinction, long positions in options are intrinsically 'wasting assets' - they will lose value over time.\n\nThese are  more tricky and risky than plain equities, and it sounds like you need to do a little more research into them before you get started - don't start before you understand them completly.  I'm sure google would produce numerous sites that explain them and the different stratagies employed by options traders (spreads, straddles, covered calls etc.)\n\nGood luck to you!
121904
Go to the Chicago Board Options Exchange (CBOE).  Here's a link for you to review...good luck.
408817
It goes in the trading part in the trading and profit and loss account at the end of your first year trading.\n\nHeres a simple trading account, you can also include carriage and returns:\n\nSales________________10000\nLess cost of sales\nOpening Stock                 1000\nadd purchases                 3000\nless closing stock            2000                                  \n_____________________2000\n\n\nGross Profit_________8000\n\nAlso, as it is a new business, you can draw up a balance sheet of your opening liabilities and assets, eg stock, property etc.  You would use your opening stock for this.  Also you could draw up a projected profit and loss account, based on realistic figures to check if you need to keep your costs down. \n\nHope this helps x
393053
1)  Yes you need to report it.\n\n2)  Because only the sales price is reported to them by the broker.  It is your job to track the cost and report it correctly on Schedule D.  If you fill out the form correctly, you will only be taxed on the gain.\n\n3)  Yes but I guess that they caught your error through their matching program.  The broker reported $4200 in proceeds to them and they expect to see $4200 on a Schedule D.\n\nTake it to a professional before you dig yourself a bigger hole.
529597
I would file 13 and sell it later.  It is a bad time to sell right now.\n\nCoach
103893
email investor relations for Credit Suisse.. that is the easy way and they should come through with the info or a link.\n\nfaster way would be dashing down to your local library and hitting the microfiche (do they still have those?) for old newspapers or the Business Reference section for old S&P or Moodys books on splits and dividends. wake the librarian up and ask them to help.
636449
Great point TaxGuru... great answer too.\n\nI'm referring to the fact that you might have depreciated the property and refinanced the property (taking cash out) over the years.  You might have only paid off your liens, but still received funds in excess of your adjusted basis.\n\nCalculating your real estate gain takes into account a number of factors.  Your original purchase price could have easily been much lower than your present liens.  Although you wouldn't have had to pay gains tax when taking cash out, you would have to account at the time of sale/title transfer.\n\nI've been working on my 1031 exchange real estate site, and should complete the site by July 4th.  Many of the functions are up and running.. you can calculate your capital gain here:\nhttp://www.1031store.com/resources/1031_capital_gains_calculator.php\n\nAlso, the site will have a place where you can search for professionals who will be able to help you... notably accountants(1031 exchanges are about deferring capital gains).\nhttp://www.1031store.com/experts/1031_exchange_experts.php\n\nI hope that you do not owe anything because this sounds like a tough situation.  Your foreclosure expenses probably ate up an awful lot of your potential gain.  You might want to also contact a real estate attorney to make sure that you are getting a fair shake.\n\nHope that this helps...
425664
I'm just going off the top of my head here without looking anything up, so just use my answer as a guide and not fact.  (Because staring at the code is factual, but sometimes doesn't get you very far in thought.)\n\nThe rental property.  Chop this up into three components - land, building and personal property.\n\nLand, as you know, is not depreciable.  But it should be listed as a separate component of the sale.  \nThe building is depreciable, but will also be under an additional code section, 1250.\n\nThe general rule starts with section 1231 property.  Then, depending on what it is, it might ALSO be 1245 property or 1250 property.  But just to keep things simple, think 1245 = equipment and 1250=buildings.\n\nBoth 1245 and 1250 pretty much say this: When you sell the asset, the amount over adjusted basis, up to the extent of depreciation taken, is ordinary gain.\n\nFor example.  I bought a piece of equipment a few years back for 10,000.  Tuesday, when I sold it, it had a tax adjusted basis of 1,000 (10,000 historical value less 9,000 of accumulated tax depreciation taken).  I collected 5,000.  In this case, ALL of my 4,000 gain (5,000 sales price less 1,000 adjusted basis) will be ordinary income.  \nLet's say I sold it for 12,000.  9,000 of my gain would be ordinary and 3,000 capital gains.  \nNow I'm babbling.  But in a nutshell, you are recapturing the depreciation expense at ordinary, just like you took the expense (over time).\n1250 for buildings has something similar, but not many have that issue anymore (unless they were purchased over a decade ago or so).  There is some special additional tax on the gain or special rate.\nBut the losses are ordinary, thankfully.\nAnd I feel like I'm getting off track here, but I'm trying.  :)\n\nBut onto the land.  It depends.  And perhaps this is where saying more info is needed might help.\nIf this is a separate piece of land accounted for seperately and Mary can prove that she wasn't going to improve anything, then there might be support for the claim that it is a capital asset and the gains are capital.\nHowever, that would be really agressive to me considering it saysing "holding for future development" and if there has been anything substantial done to the property.\nIn short, you will want to check out code section 1237 for reference too although it doesn't exactly fit your problem.\n\nAnd last but not least, I'll clog this answer with an Explanation nabbed from my own stuff.  Good luck on your research and forgive me for such a lengthy answer.  Usually I hate stuffed answers.  Cheers!\n\nReal property produces capital gain or loss on its sale or exchange if it's a capital asset. The main reasons for the exclusion of real property from the capital asset category are (1) that it's property held by the taxpayer primarily for sale to customers in the ordinary course of his business, and (2) that it's real property used in his business. Code Sec. 1221(a)(1) , Code Sec. 1221(a)(2) . However, the sale or exchange of real property used in a business (including rental realty), or the involuntary conversion of such property or real property that is a capital asset, can produce a Code Sec. 1231 gain or loss. \n\nThe fact that real property is held primarily for sale to customers in the ordinary course of a taxpayer's business precludes it from being either a capital asset or a Code Sec. 1231 asset (business-use property). Code Sec. 1221(a)(1) ; Code Sec. 1231(b)(1)(B) . The factual question of whether real property was so held gave rise to intensive litigation. Cases decided under Code Sec. 1231 are covered as part of the question of what property is used in a business. Decisions delineating property that is a capital asset are covered in this subdivision. The special rules of Code Sec. 1237 , allow taxpayers other than C corporations to obtain limited capital gain as to property subdivided for sale under certain circumstance
343270
I've done that with what I call 'loose change'.  Sometimes I've got a few dollars sitting around, obviously not going to make a lot of interest and not large enough for something substantial.  If some risky thing has been going down but I still feel it worth holding onto (its kinda fun when you sweat over a $90 stock moving a couple of bucks while a stock selling for less than a dime now goes for a buck or two, and yes, I've had that happen), then making an extra small trade can average down the value of your position.  When the stock starts to tick up for whatever reasons, you now have a lower break-even or profit point.  Again, it is only if you've got a few bucks left not doing anything and at Scottrade for $7 plus a half-point, it doesn't hurt much.  Of course, I also got a couple that are cluttering up my list because it will cost more to sell than they are worth today but that is part of the risk, right?
240651
Well, your stock is not worthless, its worth $3 per share right now (and thats up from just $2 per share a few days ago), you can simply open an account and sell it if you want.\n\nNo telling what the stock will do from here.  They filled a Chapter 11 bankruptcy (reorganization), not Chapter 7 (liquidation), meaning they are trying to cut costs, sell whatever they can, and emerge from the bankruptcy.  When (if) they emerge they will try to give the stockholders as much value/ownbership of the new company as they can, but no telling what they will be able to give you (if anything).  \n\nThey may say we had to give 90% ownership to other people to get enough money to reopen, or they may be able to get money to reopen with less (or more) of the company given away, again no way to tell (or they may never get the money to reopen and they will eventually end up liquidating the company and then you'll almost certainly get nothing)\n\nSo, you can just sell what you have for 3$ per share (as of today), or you may want to say what the heck lets roll the dice and see what happens, and hold on to the stock (realizing down the road you could get alot more or alot less than that 3$ per share, again very hard to say).\n\nGood luck with it.\n\nBy the way, here is the link to your stocks current sell price.\n\nhttp://finance.yahoo.com/q?s=DCNAQ.PK
656394
I am not certain on this one (you may want to check with your accountant and/or legal advisor), but if you are try to migrate the sales from one company to another, you may have to sell the old firm to the new one.\n\nHope this helps!
628443
I would talk with the "Small Business Administration" and "SCORE" in my local community (They in the Phone Book Blue/Government Pages). They may be able to help and it Free advise. You just determine what important for you.\nAlso, you may want to call the IRS. They offer Free Tax Classes to help you know what Forms and stuff would be important for your Business, plus, they usually answer some important questions you may have as to Deductions. They real important and it FREE!!!! Then talk to your State Revenue Department and find out what you need to get your Tax ID etc. for your Business. Usually it just your Social Security Number for a Small Business. But, you need this Form to Buy Wholesale and not pay Sales Tax on your Stock. You charge the Tax when it sold.\nThere is a lot to cover, but, do not feel overwhelmed, take each part, step by step. You not in a hurry! AND those guys/gals @ SCORE can tell you most of this and help you. They Retired Business Owners Volunteering their time for something to do.
230343
visit this link It contains all what you need\nthanks\n\nhttp://www.tdd.lt/slnews/Stock_Exchanges/Stock.Exchanges.html
160761
If the company is still in existence you should be able to call them and request a transfer to a new account (you will need to set a new account up).  Or you get a full distribution, but I don't recommend that, the Federal Withholding Taxes will eat up your money!  Also, if you have a statement from the bank or company that manages the Pension Plan, you may be able to skip contacting your previous employer and just send a transfer request to them.  When you open a new IRA (at the place of your choice, their are many on line places) they should have a form that can be sent to have your old Pension rolled over.  Let me know if you have any additional questions.
538348
You need the advice of a Chartered or Certified Accountant who has experience handling ex-pats.\n\nAs for the money you have already received, that is settled.  You will be treated as a sole trader.  You cannot set up a company and transfer the income there after the fact (well, you can, but it would be capital invested and the income would remain taxable to you as a sole trader).  Personally, I always had doubts about the value of consultancies being set up as limited companies.  Most of the time, the tax savings aren't there.  It is really only of benefit if you have major assets to protect in the event of bankruptcy or if your earnings are so high that you want to leave the money in the company (which is probably not the case for a summer contract).  You might prefer to remain a sole trader and pay Class 2 and 4 NIC on your UK source consultancy income.  again though, that might not be worth it.  I have been out of the UK long enough to not know how things are currently on the state pension front.  \n\nBottom line - get advice from someone who can fully consider your situation.  Make sure that person is qualified and experienced in ex-pat taxation.  When it comes to fees, bear in mind that those fees pay for your peace of mind as well as keeping you on the right side of the taxman - something that is hard to do from another country, even in the internet age.
48085
You will pay capital gains tax on the gain.\n\nYou first calculate how much you will sell it for minus your tax basis. The tax basis is what you bought it for minus how much you have depriciated it over the years. So if you bought it for $100k and depretiated $15000 over some number of years, then your basis is $85k. If you sell it for $150k then you pay capital gains on the difference of $65k.\n\nYou tax braket determines how much you will ultimately pay. You will have to ask a CPA for how to minimize them. You might be able to do an installment sale to save a little money. That way you only pay what you get each year, you can split it into 2 years if you sell some in december and the rest in jan, or do it over several years. This will possibly keep you in a lower bracket each year.