2006-08-30 02:50:05 · 5 answers · asked by picketfence 1 in Business & Finance ➔ Personal Finance
absolutely
2006-08-30 02:55:03 · answer #1 · answered by 3eleven 4 · 1⤊ 0⤋
If the cost basis is zero, then all the money you would get by selling the shares would be gain and you would have to include it on your tax return...
whether or not you would have to pay tax would depend on how much money you made that year...
2006-08-30 02:59:09 · answer #2 · answered by Andy FF1,2,CrTr,4,5,6,7,8,9,10 5 · 0⤊ 0⤋
If you know enough to phrase the question this way, it suprises me you don't know the answer...
You have to pay the difference between the cost-basis (in this case zero) and the sale price.
If your a tithing man, consider donating the stock to a charity of your choice. You then avoid the tax on the gain, and can write off the donation.
2006-08-30 03:05:56 · answer #3 · answered by fuddlynn 2 · 0⤊ 0⤋
You only pay tax on the increase! Or you might get to take a loss and help your taxes out!
So, I guess the question is what did you pay for the stock and what are you selling it for? You either pay taxes on the profit or declare a loss and reduce your taxes.
2006-08-30 02:57:26 · answer #4 · answered by me4tennessee 6 · 0⤊ 0⤋
If you sell it for more than zero, yes. Can't beat death or taxes!
2006-08-30 02:58:23 · answer #5 · answered by Mork the Stork 3 · 1⤊ 0⤋