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please help me to get out of my tax problem :( !!!

Discussion in 'General Investing Discussion' started by jag, 9th May, 2012.

  1. jag

    jag New Member

    9th May, 2012
    Hi, I am new to share trading and started it in last September. I had made about 25 transaction (buy n sell) by $22000 cost. I had made about $7000 until january but after that I bought the 30000 units of share of rms @ 95c. then sold it at 76c and at the same time i bought it again at 77c. I am thinking that I only have to pay tax of $ 1200(as my profit in portfolio) gain if my last 2 transactions are valid. or m i liable to $7000(approx) profit. I am not worry about to reduced share price because i can keep that share for long term, just worried about the tax because i had made profit before.or if there is any possibility to reduce tax liability in current share price fall. please give me advice. thank you.