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?? For Financial or Tax People ??
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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?? For Financial or Tax People ??
I sold stock last year that I will have to pay taxes on this year. My question is, I understand I will have to pay 15% of the difference the stock was bought at to the price it was sold. We usually get money back each year and I wondered if that would be deducted from the amount we owe and it would be less than if we just did the stock alone?
I know this sounds confusing-Sorry!!
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Posted 12/4/07 11:18 AM  |
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Long Island's Largest Bridal Resource |
MrsMerlot
Unconditional Love
Member since 4/06 6005 total posts
Name:
Chrissy
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Re: ?? For Financial or Tax People ??
Any "profit" made from selling stock (difference between what you purchased and sold) is considered taxable income. That profit will then be taxed 15% - so 15% of that profit will be added to your annual income, and it may or may not put you into a different tax bracket (depends on how much you actually made on it.)
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| Posted 12/4/07 11:21 AM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: ?? For Financial or Tax People ??
Posted by ChrissynRicky
Any "profit" made from selling stock (difference between what you purchased and sold) is considered taxable income. That profit will then be taxed 15% - so 15% of that profit will be added to your annual income, and it may or may not put you into a different tax bracket (depends on how much you actually made on it.)
Understood. Thanks so much!!
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| Posted 12/4/07 11:23 AM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: ?? For Financial or Tax People ??
was it a short term sale or long term? how long did you hold the stock before you sold it? cause there can be an additional capital gain tax on short term sales
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| Posted 12/4/07 11:25 AM |
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lullabella
LIF Adult
Member since 5/05 2246 total posts
Name:
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Re: ?? For Financial or Tax People ??
Was the stock aquired from a stock option? If so the iRS has certain witholding requirements for favorable tax treatment. If so and you sold before holding the stock one year, the spread (diff between the option price and the sale price) is considered taxable income and taxed at a higher tax rate that capital gains.
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| Posted 12/4/07 11:33 AM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: ?? For Financial or Tax People ??
Posted by MrsPJB2007
was it a short term sale or long term? how long did you hold the stock before you sold it? cause there can be an additional capital gain tax on short term sales
30 years.
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| Posted 12/4/07 11:35 AM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: ?? For Financial or Tax People ??
Posted by lullabella
Was the stock aquired from a stock option? If so the iRS has certain witholding requirements for favorable tax treatment. If so and you sold before holding the stock one year, the spread (diff between the option price and the sale price) is considered taxable income and taxed at a higher tax rate that capital gains.
No, it was held for 30 years.
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| Posted 12/4/07 11:35 AM |
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