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nickma2@sbcglobal.net | How to pay taxes on Stock.? |
How do you pay taxes on stock? And when? I'll just give you my particular example. I have recently bought 100 shares in a company on an online brokerage. I plan to reinvest the stocks dividend to purchase more stock. I'll hold on to the stock for a number of years. When do I pay taxes? Is it when I sell the stock? If so how do you figure how much you have to pay on the stock? |
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Judy
|
You pay the taxes when you sell.
You will put this information on your taxes and pay taxes on your income.
Good luck in your investments.
Look at SDY - its an etf that holds dividend stocks - you might like it.
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CarVolunteer
 |
The dividends will be reported to you each year. You include them in your income for that year regardless of what you do with them.
If you reinvest them, they become the cost for the new shares you just bought. When you sell the stock, if you sell it all at once, your cost is the original amount paid, including commissions, and the reinvested dividends. You subtract that from the net amount of the sale (or you include the cost of the sale in the cost of the stock, and subtract from the gross amount of the sale - the answer is the same either way). The result of the subtraction is your capital gain (or loss) on the sale, which adds to or subtracts from your income for the year of the sale. You will fill out a schedule D for that year. |
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RetiredDebtFree
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When you sell you will put the company, shares, date and amount of purchase, the date and amount of sale, and the gain (or loss). The gain is taxable. Long term capital gains on stock held more than one year is taxed at a lower rate. |
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tro
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if and when you sell the stock, you will report the sale on Sch D, and you will need the purchase price and date to determine your actual gain or loss on the sale
short term is ordinary income, held 1 yr and less,
long term, is anything over a year and currently taxable at 15% which will change the end of the year |
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Judy
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You'll pay tax every year on the dividends even if you reinvest them and never see the money.
When you sell the stock, you'll file schedule D with your tax return for that year. You'll need to know then what you paid for the stock and the total of the reinvested dividends. Many brokers will track that info for you. |
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Tigg
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When you sell the stock you pay on the profit. Then interest earned is claimed on your income tax return for the year it was earned. So if for 2010 you earn $100 in interest you put that on your tax return for 2010 |
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StephenWeinstein
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You pay tax on the dividend each year that there is a dividend. You add the amount of the dividend to the amount of your other income, and you pay tax on the total. Contrary to popular belief, you do not pay tax on individual items of income individually.
You do not pay tax on the stock at any time.
You pay tax on the money that you receive for selling the stock when you sell the stock. You use Schedule D to calculate how much tax you pay on the money that you receive for selling the stock. |
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