Recording Tax Paid

In some circumstances, it may be useful to record taxes paid within StockMarketEye. You might want to do this if your brokerage withholds taxes directly from your account after a stock sale. Or if you pay taxes later yourself with funds from your brokerage account, you would want to record that event in StockMarketEye.

Depending on your circumstances, here are 3 ways of recording a taxes paid in StockMarketEye.

  1. Record a separate cash transaction in the portfolio to account for any taxes that were withheld or otherwise paid. This is the most general method and can be used in the case that taxes are withheld by the brokerage or if you pay them yourself at a later date. You can specify the "Type" of this transaction from the dropdown as "Taxes". These taxes are included in the "Expenses" section on the "Taxes" line of the Summary report.
  2. Another option is to use the "Fees" field of the "Sell" transaction window to record the taxes paid in the same transaction. This can be useful if you want to link the taxes directly to the specific transaction that caused them (such as a stock sale), or when the brokerage withholds taxes after the sale. But it may not be an option if you already use the "Fees" field to record amounts paid to the brokerage.
  3. When recording a dividend or other distribution, the field "Withholdings/Taxes" can be used to specify the amount of taxes paid on this dividend payment. These taxes are included in the "Expenses" section of the "Taxes" line of the Summary report.

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