I am not sure but if someone made less than $500 from stocks, he/she doesnt have to file taxes?
Is that correct?
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3 Comments
Any earnings from stock (dividends, capital gains) need to be reported regardless of the amount. Your broker sends Form 1099-DIV and Form 1099-B to the IRS reporting your dividends and stock sales, respectively. The IRS will match your tax return against the broker’s info and if they don’t match you’ll likely get a friendly letter from the IRS.
Its not that you don’t have to “file”, you don’t have to claim it as income…BIG difference.
idk