Blog Category: cfzr.com — Blogged by: webmaster on March 9, 2010 at 5:26 pm
Last week I bought $40,000 worth or 833 shares of Goldman Sachs stock at $48.00 per share. This morning I sold it at $72.00 per share and I made $20,000. Now what the hell do I do? I'm not a trader or anything and this was my first stock purchase. Do I have to report this to the IRS? How much tax will I have to pay on this thing? I'm single, and make about $24,000 a year.partyFile a Sch D with your tax return.
Whatever taxes are paid are what your tax bracket is as you held the stock for less than a year. You can use 15% as the federal tax. State taxes vary.
Helen, EA in PAWell actually, it would be time to file estimated taxes unless your brokerage can do some tax witholding. I think you have until Jan.15th for the 4th quarter which this is. Otherwise, you will be subjected to a penalty for not paying enough taxes throughout the year. The penalties typically aren't exorbitant, I typically get them, though they might be higher in proportion to the amount owed... I'm not sure.
$3000.00 should be an adequate amount to send. If you overpay, you will get reimbursed.
The estimated tax form is just a little slip. When you do your 2008 taxes, you will add what you sent/withheld to what your employer withheld on the appropriate line. You will also do a Schedule D to show your short term capital gain.You can use that money the same as it were from a paycheck and you will take care of the IRS when you make your tax report.Do whatever you want. Yes you will report it to the IRS on Schedule D as a short term capital gain. Tax will be about $3000.Let me give you some advice. If you are going to lie about buying a stock, don't claim you bought it at the absolute low point. Very few people do. You don't have to pay tax on pretend gains, so you owe no money.Yes, you have to report it to the IRS. You would probably pay around $3,000, because you're in the 15% tax bracket.Nice work, consider this a rare situation of perfect timing.
This is what will happen. The short term gains will be taxed at ordinary income levels.
So if you made $24,000 from your job, add $20,000 from stocks held under 12 months thus this year, for reporting purposes (1040 Schedule D) you will have made $44,000 and be taxed at that level less deductions you may have.
You may want to talk to a CPA now for pre- tax planning.take ten grand out and do it again buddySit tight on it :) You don't have to report anything. the online trading agency that you used to buy & sell will report it to IRS & your taxes will be around 15% (based on your tax bracket) since this is considered as short term capital gain.#If you have any other info about this subject , Please add it free.# |
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