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If I sell a stock, do I pay taxes on the full amount of stock I sold or do I just pay taxes on the profit?
20Mar2008 Filed under: CorporationsQuestion:
If I sell a stock, do I pay taxes on the full amount of stock I sold or do I just pay taxes on the profit?
Answer:
The gain is taxed 9the difference between what you paid for the stock and what you sell it for)
If you owned it for a year and a day it is considered long term and is taxed at 15% (on the gain)
If you have owned it less than a year and a day it is short term and is taxed at your regular income tax rate. You will have to figure your tax on your 1040 for everything but any long term capital gain, which is figured on page 2 of Schedule D.
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