posted
1.)If I purchase a stock and make $$$ from it, yet I don't pull the $$$ out, I just let it ride on the shares do I still have to pay taxes on it even though I haven't used the $$$?
2.)How do you avoid or minimize taxes on stocks?
Bob Frey
posted
Ask a tax accountant:
If you don't sell the shares you do not pay taxes on any gains. Once you sell the stock any profit is capital gains income and taxable.
Mehul_Sangani
posted
I believe by selling some shares you are taking some profit.
To minimize the taxes one way is to hold it for more than a year. Also I would suggest into looking into IRA account.
VNGNTN1
posted
1.Sale of security trigger tax event unless in an IRA. Not an accountant, but have paid lots of taxes. 2.Several things come to mind A-Setup a ROTH IRA B-Consider tax before you sell and make sure you are covered. I see these on the penny board having several trades a day,and wonder if they are keeping track of this. You can only write off $3000/yr losses, but must report & pay your gains. Dollars above $3k may be carried forward.
[This message has been edited by VNGNTN1 (edited December 09, 2003).]
COOLORANGEFREEZE
posted
Great information. Thanks! Gives me that much more of a reason to stay for the long term... so as not to be taxed.
And I will look into the ROTH IRA.
VNGNTN1
posted
My pick for you this week is "Cool Lime Freeze" at SNS
[This message has been edited by VNGNTN1 (edited December 09, 2003).]