Reporting your profits and losses properly is no easy task

When filing your tax return you have to decide how to report your profits and losses on the sale of securities, crypto assets, real estate, and many other assets. It’s not always easy to figure out.Suppose you buy and sell stocks on a regular basis and made a profit last year. Or perhaps you bought a piece of real estate a couple of years ago and have just sold it at a loss.

Depending on your situation, you might have the ability to choose how you’d like to report your profits and losses, but you have to be consistent. That is, you could not, for example, report your profits as capital gains and losses from the same activities as business losses. . a substantial part of your time is spent studying securities markets or the market for the asset you’re selling, and investigating potentialyour purchases are financed primarily on margin or by some other form of debt;you have advertised or otherwise made it known that you’re willing to purchase securities or other assets;you’ve purchased speculative securities or assets, often those that don’t pay dividends or other income.There are a few points worth noting here.

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