If I sell $12,000 worth of stocks, what would be the tax rate that I would have to pay.?

Answer 1

$66.00

Answer 2

It depends on several things:
1. What is your cost basis? In other words, what did you pay for the stocks? If you bought them for $15,000 you would pay no tax-- you would have a loss. If you bought them for $10,000 then you would have to pay taxes on the $2000 profit.

2. Did you inherit the stocks , or did someone give them to you? You will need to find out what the stocks were worth on the day you received them.

3. How long did you own the stocks for? If you owned them for longer than one year, you would pay federal capital gains taxes on the profit. Capital gains taxes are currently either 15% or 10%, depending upon your other income.
If you owned them for less than one year, the federal tax rate for your income bracket would apply.

4. What State do you live in? Each state has a different income tax table.

5. What other income do you have? The tax rate on the stock sale, if there is a profit, and if you have held the stocks for less than one year, would be the same tax rate as your regular income tax rate.

If you need more info, go to the IRS website:
http://www.irs.gov

Answer 3

That will depend upon your cost basis, as well as how long you have held them. Your marginal rate may come in to play if you held them less than one year.

Depending upon your situation, it could be anything from 0 to about $4,000.00, plus any state taxes.