Realized Gains

[cccasooner2]

Since we completed the sale of our Citicorp stock at a $12B profit this calander year, when do I have to declare my share of the profits? I am sure my check will not arrive by Dec. 31. My question is: Can the IRS penalize me for not declaring my share of the profits even though they have not told me how much my share is to declare?

[StoopTroup]

Next year I think....I'm pretty sure you don't have to declare until the transaction takes place as it's not real until then. Unless there's some sort of freaky rule of law I don't know about. Probably best to consult a CPA.

[OUinFLA]

If you made $12 B(illion), I suspect you can buy a full time CPA to advise you.
Much safer than a message board. Heck, you can probably hire a whole flock of IRS employees just to be on the safe side.

[StoopTroup]

If you made $12 B(illion), I suspect you can buy a full time CPA to advise you.
Much safer than a message board. Heck, you can probably hire a whole flock of IRS employees just to be on the safe side.

Yeah...The SEC laws might have something in them.

[olevetonahill]

Hey guys, If he made 12Billion i think we found next years Ho-Down Sponsor :D

[StoopTroup]

You might read a bit of this....

http://www.ctj.org/hid_ent/part-2/part2-2.htm


Capital gains are not taxed at all unless and until they are "realized"--generally upon sale of an appreciated asset. And even when gains are realized, top-bracket individuals pay lower tax rates on capital gains than on so-called "ordinary" income

It doesn't seem to have the answer you're looking for but it has some interesting History of what's transpired the last 100 years or so.

[cccasooner2]

I guess I was a little too sh*t faced last night to make myself clear. :)

Since "we the people" completed the sale of our Citicorp stock at a $12B profit this calander year, when do you & I & have to declare our individual shares of the profits? I am sure none of our checks will arrive by Dec. 31. My question is: Can the IRS penalize us for not declaring our share of the profits even though they have not told us what we should declare? :rolleyes: (sarcasm)

[olevetonahill]

Aw you were durnk, Makes perfect sense now ;)

[1890MilesToNorman]

The congress "our dumbass stealing reps" don't have to realize any gains, their knack is year over year losses! But by god you need to play by some rules or you be spending Christmas in the local federal lockup. :eek:

Merry ****ing Christmas to us.

[StoopTroup]

I guess I was a little too sh*t faced last night to make myself clear. :)

Since "we the people" completed the sale of our Citicorp stock at a $12B profit this calander year, when do you & I & have to declare our individual shares of the profits? I am sure none of our checks will arrive by Dec. 31. My question is: Can the IRS penalize us for not declaring our share of the profits even though they have not told us what we should declare? :rolleyes: (sarcasm)

LMAO....you made me look at some stuff I hadn't thought about in awhile you drunk bastage.....lol

[olevetonahill]

LMAO....you made me look at some stuff I hadn't thought about in awhile you drunk bastage.....lol

Im a guessing he aint gonna sponsor the next Ho-Down to huh ?
:(

[StoopTroup]

Im a guessing he aint gonna sponsor the next Ho-Down to huh ?
:(

BAN HIM! :D