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5 June, 10:26

Kevin bought 235 shares of Intel stock on January 1, 2019, for $64 per share, with a brokerage fee of $135. Then, Kevin sells all 235 shares for $82 per share on December 12, 2019. The brokerage fee on the sale was $185. What is the amount of the gain/loss Kevin must report on his 2019 tax return

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  1. 5 June, 10:51
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    kevin has to report a gain of $3,910 on his tax return

    Explanation:

    Since he bought 235 shares at $64 with a brokerage fee of $135. we have to calculate the total amount spent on buying.

    = (235 * 64) + 135

    = 15,040 + 135

    = $15,175

    We have to calculate the amount he made on sales. if 235 shares was sold at the rate of $82 with a brokerage fee of $185;

    The Amount realized would be

    = (235 * 82) - 185

    = $19,270 - 185

    = $19085

    The gain is the difference between the total purchase price and the realized amount from sales.

    Gain = $19,085 - $15,175

    =$3,910

    he has to report a gain of $3,910
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