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Additional Details
I got notice from IRS today. The delay was due to my bank rejected the fund transfer request from IRS. They are going to mail me a check in 3 weeks.... |
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Mars | When you cash in your Stocks, you have to pay tax? |
How many %? So it's like a fee, every time you cash in you gotta pay? So it's better to just cash in bulk? |
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bostonianinmo
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You pay tax on any GAIN from the sale of stocks. A lot of folks are getting out of the market at a loss these days (dumb, but that's another issue entirely) so they won't pay any tax.
Short term gains (one year or less) are taxed as ordinary income.
Long term gains (over one year) are taxed at a maximum rate of 15%. However if your marginal rate is 15% or less it drops to 0% for 2008 and 2009 and will be back to 5% in 2010.
You use any losses against gains first. If you still have losses, you can apply $3,000 of those against other income and carry the rest forward to future years where you use them against capital gains first and then against other income in $3,000 "chunks" until it's used up.
If you have a large taxable gain during the year, it's a good idea to make a payment using Form-ES to avoid penalties at filing time for underpayment of taxes. There are ways to avoid the penalties for underpayment, such as if you owe less than $1,000 when you file, have paid in 90% of your current year tax liability regardless of what you owe, or have paid in 100% of LAST year's tax liability regardless of what you owe. |
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emucompboy
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You pay when you file your tax forms. It's called "capital gains tax." The rate depends on how long you held the stock: there's a different (lower) rate for "long term" stocks than there is for stocks you had for only a short time.
I don't know what the current definition of "long term" and "short term" is. Last time I looked it up, "long term" was 12 months or longer, and "short term" was anything shorter than that.
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taxrep4u
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You will need to complete a Schedule D when you file your taxes, You will need to know your basis in the stock which is what you paid for it plus any commissions you paid. This amount less what you sold it for is your gain. The % you pay depends on how long you held the stock. If over 1 year it is considered long term gain and the % is lower. If held less than 1 year it is higher. If you have sold a lot of stocks, you may need a tax professional to help you prepare your return. |
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Judy1
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It isn't a fee from every transaction, so there's no reason to cash them all in at once. If you make a profit on the stock, you pay income tax on the amount of the profit. |
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concerndad
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You dont have to pay any tax on losses and you can offset any gains you've had recently from losses before considering your taxes as well. Also, if you had long term (held stock >1 year) losses in previous years, you can carry that forward and offset it against any gains this year to the tune of ~3,000.
To answer your question, its better to cash in bulk if your tax rate (before any capital gains or sales of stock) is less than 15%. If you think that one year you may make very little income from work, then its good to cash in bulk then, otherwise it makes no difference.
Sidenote - Obama has plans to increase capital gains taxes so you may want to take that into consideration as well and cash them in sooner. |
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CarVolunteer
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You only pay tax on the profits. If you bought 100 shares at $10 a share and sold them for $20 a share, you had a profit of $1000. When you file your taxes for the year, you have to count that $1000 as income. If you make enough profit during the year, you may have to file estimated income tax. If you have a loss, you may deduct that from your income (with some possible limits). These are called capital gains or losses, and there are many questions and answers explaining how those work. |
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Sharon T
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The SEC tax (fee) you pay when you sell is just pennies on most transactions. It is taken out along with any commission before you get the proceeds.
You report your sales for income tax purposes when you file your return. |
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Andrew S
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Don't know the percentage but its a big YES! The government doesn't let you make any money without taking a piece of it! They need that money to keep those big business ***** from going bankrupt. |
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tony s
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YES 15% of what you make. What you bought it for minus what it costs that equals what you pay the 15% TAX on.
Pretty much the more you make the more they take.
It use to be better than keeping it in a savings account...but now days who knows...
If you know you have some stocks that you lost money on and some you gained on try to sell them both at the same time so you can balance out somewhat. Still They always win....
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