Why are my gross proceeds so high on my broker's statement?
Answer:
Gross proceeds and profit you made are two different numbers.
Gross proceeds are the total amount associated with the sale of securities that are reported to the IRS and must be listed on your tax return.
The (profit) gain or loss is determined by calculating the difference between the original cost (plus previously taxed dividends from mutual funds) from the sales price.
Gross proceeds are the total amount associated with the sale of securities that are reported to the IRS and must be listed on your tax return.
The (profit) gain or loss is determined by calculating the difference between the original cost (plus previously taxed dividends from mutual funds) from the sales price.
