To be fair, “so I put a Slizzapin’ down upon Wall Street, in that Bitch’s face” seems pretty descriptive to me. Poetically descriptive, in fact.
Do you itemize the commission? I always reported the gain net the commission instead of reporting it as a separate loss. Oops. Thank God for statute of limitations.
Yes, only the gain is taxable, not the entire muhfuckin proceeds. (And as I mentioned earlier, in some situations there is a taxable event when you execute the option; in the crazy-assed OP’s situation it is most likely that there is no taxable event until the sale. But he should see his tax advisor, if they will allow him into the office.)
You’re doing it right. I prefer to add the commission as a cost of sale to the basis, but many brokers report the sales net of commission. Either way is legitimate and I didn’t mean to imply it needed a second line on the Sch D.
What I’m saying is that a typical employee stock transaction looks like this:
$2000 stock sale
-$100 Federal tax withholding
-$124 Social Security
-$29 Medicare
-$25 commission
$1723 actually paid to the employee.
BUT $2,000 was still added to the gross wages on W-2.
So I’d report it as $2000 proceeds of sale, with $2025 basis for a loss of $25.
Won’t turbo tax figure all this shit out for you, and shit?