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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Selling Stocks
I was wondering if anyone was familiar with selling stocks and how much I would owe at tax time. I have a stock that I will be selling soon and my mom said that I will have to save some of the money to pay for my taxes next year. Would anybody know if there is a percentage I would go by? I want to have enough so I don't owe alot next year.
Thanks!
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Posted 3/27/06 3:51 PM  |
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CathyB
Member since 5/05 19403 total posts
Name:
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Re: Selling Stocks
DH handles this for us, but basically you need to figure out what your capital gain is and then you'll pay a % of that, which I believe varies based on your tax bracket.
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| Posted 3/27/06 3:56 PM |
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meghanmetz
LIF Adolescent
Member since 5/05 525 total posts
Name:
Meghan
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Re: Selling Stocks
It depends on how long you have owned the stock for. If it's less than one year, be prepared to count any gain as ordinary income (same as your paycheck). If you owned it for more than a year, than it is a capital gain, which I think is 15 or 20% on the gain.
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| Posted 3/27/06 4:17 PM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Selling Stocks
We just dealt with this and we owe a third (which is what I was told we should prepare for as a rule of thumb) of what we "cleared".
For example, if you gained $15k - set aside $5k for taxes.
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| Posted 3/27/06 4:29 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Selling Stocks
Posted by meghanmetz
It depends on how long you have owned the stock for. If it's less than one year, be prepared to count any gain as ordinary income (same as your paycheck). If you owned it for more than a year, than it is a capital gain, which I think is 15 or 20% on the gain.
It has been 30 years.
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| Posted 3/27/06 7:32 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Selling Stocks
Posted by Colleen9304
We just dealt with this and we owe a third (which is what I was told we should prepare for as a rule of thumb) of what we "cleared".
For example, if you gained $15k - set aside $5k for taxes.
Thanks!
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| Posted 3/27/06 7:33 PM |
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