TAX Implication?

Question

What if I buy 10 shares of a company and hold it for the long term? Do I need to report it each year to the IRS? Can you explain me?

Answer 1

im a worker at h&r block no you just have to report when u sell stock!  u will reciecve something in the mail and it would say income tax!

Answer 2

Nope, you just report the gain or loss when you sell it.  If it pays dividends during the years you own it, you have to declare those in the year you receive them, but nothing on the held stock until you sell.

Answer 3

You only report it when you sell it.  If you get dividends though, you do report those each year.