With tax time almost upon us I realised I had a question:
Does the brokerage you pay get factored into your total taxable income?
eg. say I made $1000 profit after buying and selling some shares (within the same financial year) before brokerage and taxes. say the brokerage was $50 to buy, $50 to sell, so my actual profit as far as I'm concerned is $900.
Do I declare the profit to be $900? Or similiarly, do I declare the profit to be $1000, but claim the $100 in expenseses somewhere else? Or does the taxman not give a damn, and I have to declare the full $1000, effectively paying tax on $100 that never even reached my pocket?