"Coryadaurus Rex" <Infohawk[at]anonymous.org> wrote:

- quote -

Gross income includes capital gains.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

Coryadaurus Rex wrote:

- quote -

It's not the (net) capital gains that come into play, but
the gross amount you got for the securities which factors
into the 7800$ threshold for filing.

Cheer$,
Harlan Lunsford, EA n LA

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

Infohawk[at]anonymous.org posted:

- quote -

Absolutely, yes. If you sold some stock, or anything else,
which produced a profit ... that profit is part of your
income.

Bill

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

Coryadaurus Rex <Infohawk[at]anonymous.org> writes:

- quote -

Yes, they do.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

"Coryadaurus Rex" <Infohawk[at]anonymous.org> wrote

- quote -

Capital gains are part of the calculation. And to make
matters worse along that regard, you should file a return on
the stock sale, because all the IRS has is the amount you
received on the sale. They have no idea what your basis
was, so as far as they know, if you sold $100,000 of stock
they think you have $100,000 of income. It's your Schedule
D filing that tells them the basis was $95,000 and the gain
was $5000.

So just file the return to settle the matter now.

Or wait for the notices.

--
Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

Coryadaurus Rex wrote:

- quote -

That's not all it says. You are reading the chart "For Most
People." There are two other charts. One for children and
other dependents and one for special situations such as
self-employment.

Rather than try to explain Gross Income, I'll tell you that
for a student it probably consists of payment for services
you provide either as an employee or an independent
contractor plus investment income. Investment income would
include interest, dividends and capital gains.

Unless you are self-supporting, you may be supported by your
parents who claim a dependency exemption for you. In this
instance the filing threshold is less than $7800. And if
you did have self-employment income, the threshold is lower
still.

Go to the following link and click on "Who Must File."
http://www.irs.gov/publications/p501/ar02.html

--
Alan
http://taxtopics.net

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

I'm a student and I want to figure out if I need to file at
all. The forms say a single person under 65 doesn't need to
file at all if their gross income is under $7,800.

I definitely didn't make that much in salary. But what about
capital gains? Do they figure into the equation? Does that
come into play in calculating gross income?

Thanks

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->