For US users: I'm with fidelity and bought 50 shares four months ago. No dividends given out (duh) and I haven't sold any.
Should I expect a tax form from Fidelity?
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For US users: I'm with fidelity and bought 50 shares four months ago. No dividends given out (duh) and I haven't sold any.
Should I expect a tax form from Fidelity?
I don't think so, you haven't made a sale and you haven't received any income. But I am the opposite of an expert.
But I bet you will have a capital gain when you sell if RIMM keeps going up.
Here in Oz, you'd be paying the Capital Gains Tax even if you didn't realise a profit or sell a share. It's a crazy system ....
What do they do if it goes back down again, give you your money back. :)
Yep. You'd have to claim for a deduction. :)
You'll get a statement from Fidelity. Since you had no dividends or had any sales, you won't owe any capital gains taxes.
What amazes me about stocks is that if you make money on a stock, you pay taxes only on the gains you've made. If you made a wrong "bet" on a stock, you can deduct your losses. It's like gambling with risk mitigation!
I am not a financial expert, only speaking from my limited experience.
I'm not exactly sure how it works in the US, but in Canada, you only pay taxes on capital gains once you sell the shares. Even better, Canada has Tax Free Savings Accounts (TFSA) ... if you invest with money from your TFSA account, you're not taxed at all, ever, on any capital gains!!
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!!!!!!!!!!
Another reason why I love living in the USA (despite other things that are wrong with "the system")
We had a stint with a Lefty Socialist Government there for a while.... they introduced some "interesting" tax reforms. :)
And of course we all know once a revenue producing tax is successful, it's awfully hard to retract it.
But, on the other side of the coin, we pay 0% tax on winnings of any kind. Gambling, lotto, horse racing etc etc.