Yeah I'm looking at my 8949 form and there's some pretty scary numbers on there. I don't understand proceeds and cost basis, 53k and 56k, respectively.
Can someone please explain?
I know cost basis-proceeds, then adding wash sale equals my net gain or net loss in this case of ~1.4k.
But like is the proceeds value what I need to pay uncle Sam for taxes? This was my first year of trading and I was doing it like crazy my 1099 is 50 pages long. I know now that uncle Sam taxes 20% for every transaction? Idk
Any input would be highly appreciated
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