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COOLORANGEFREEZE
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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?


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Bob Frey
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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.


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Mehul_Sangani
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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.


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VNGNTN1
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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).]


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COOLORANGEFREEZE
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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.


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VNGNTN1
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My pick for you this week is "Cool Lime Freeze" at SNS

[This message has been edited by VNGNTN1 (edited December 09, 2003).]


Posts: 1424 | From: Peoria, IL. USA | Registered: Oct 2003  |  IP: Logged | Report this post to a Moderator
   

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