My income from stock sales was $1.43. So I need to file a tax return?

Question

AI accountant’s answer:

Yes, you likely need to file to report that transaction. The main risk with stock transactions is that the IRS may not know your basis in the stock (the amount you paid for it). Therefore, the IRS will often treat the entire sales price as profit.

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Melissa Pedigo, CPA

Melissa Pedigo has been a CPA for over 20 years and she is one of the only CPA copywriters in the world. With a vast knowledge of U.S. tax and accounting, she’s able to write about tax and finance topics from a unique perspective...as an industry expert. When she’s not writing or being an accounting nerd, you’ll find her watching and playing tennis, reading, tending to her half-grown garden, and studying foreign languages

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Melissa Pedigo, CPA