Claim capital gains if not withdrawn?

ugh_taxes · #1 (**permalink**) 03-13-2014, 05:44 PM

For some reason I can't find a definitive answer to this seemingly simple question! Hopefully I can get some help from one of you tax pros.

I opened a brokerage account on eTrade by transferring money from my bank checking account to buy and sell stocks. The money isn't in an IRA, just plain brokerage account. I've bought/sold several times and the money is still in the brokerage account. Some of it is in the form of cash and some is still invested in various stocks. My question is, do I need to claim the capital gains if I haven't transferred it back to my checking account?

Thanks in advance!

Wnhough · #2 (**permalink**) 03-14-2014, 02:35 AM

Quote:

Originally Posted by ugh_taxes

For some reason I can't find a definitive answer to this seemingly simple question! Hopefully I can get some help from one of you tax pros.

I opened a brokerage account on eTrade by transferring money from my bank checking account to buy and sell stocks. The money isn't in an IRA, just plain brokerage account. I've bought/sold several times and the money is still in the brokerage account. Some of it is in the form of cash and some is still invested in various stocks. My question is, do I need to claim the capital gains if I haven't transferred it back to my checking account?

Thanks in advance!

you need to report your capital gains if you have soldstocks. Capital gains from property purchased for investment purposes must be reported on Form 8949 and then on Form 1040 Sch D.