Sweeping and Taxes

[tharedhead]

:scratch:I wonder if the TAX value veries from STATE to STATE. I do live in three differant STATES. My homebase, My vacation home then another where we often do law enforcement training a few times a year . :scratch:

You have to have an offical state of residence and that is where you file your taxes. I was a proud resident of Texas for many years while we were in the military :sunny:

 

[lidarkside]

what is a cost basis statement?

It's a record of any long- or short-term gains or losses generated from the sale or exchange of fund shares which lists all sale transactions by the fund in the "Net Capital Gain/Loss" column.

Obviously, this doesn't apply to 1099's made out for prizes. Those you would have to receive by 01/31.

However, despite the IRS requiring 1099's on prizes over $600, some sponsors still fail to fill them out. Plus, not receiving a 1099 on a prize doesn't mean the IRS didn't receive it.

 

[anikka]

It's a record of any long- or short-term gains or losses generated from the sale or exchange of fund shares which lists all sale transactions by the fund in the "Net Capital Gain/Loss" column.

Obviously, this doesn't apply to 1099's made out for prizes. Those you would have to receive by 01/31.

However, despite the IRS requiring 1099's on prizes over $600, some sponsors still fail to fill them out. Plus, not receiving a 1099 on a prize doesn't mean the IRS didn't receive it.

If you don't ever receive the 1099 where do I the additional "income" to my taxes? And aren't sponsors required to send them out?

 

[lidarkside]

It's a record of any long- or short-term gains or losses generated from the sale or exchange of fund shares which lists all sale transactions by the fund in the "Net Capital Gain/Loss" column.

Obviously, this doesn't apply to 1099's made out for prizes. Those you would have to receive by 01/31.

However, despite the IRS requiring 1099's on prizes over $600, some sponsors still fail to fill them out. Plus, not receiving a 1099 on a prize doesn't mean the IRS didn't receive it.

If you don't ever receive the 1099 where do I the additional "income" to my taxes? And aren't sponsors required to send them out?

It is supposed to be mandatory for prizes $600+, but some occasionally don't. In the situation where you don't receive a 1099, you will have to add it on to your tax return under "other/miscellaneous" income yourself.