If I have no income, but I do have stock that I can sell, how much capital gains tax am I going to to pay?

Answer 1

Talk to the stock broker you deal with.
Sorry I don't have the best answer. But it's gos by state you live in. One state is 6% taxs and some is 8%. Good luck and help your stock is up relly good and you have the best of all new year and you get relly good luck with your income. As I know how it feels.

Answer 2

If you have no other income except the capital gain, the amount of tax would depend on the amount of the capital gain. If it's less than your exemption plus standard deduction, then you wouldn't pay any tax on it. Last year the standard deduction was $5000 for single, $10,000 married filing joint, slightly higher if you're over 65; the exemption for each person was $3200. These are slightly higher this year.

But "income" includes not just capital gains, but also such items as interest, wages, and social security - do you really have NO other income?

If you just have social security, it's not taxed unless your other income is higher than a certain amount. then some of it is taxed. A stock sale, unless the gain is huge, probably wouldn't push you over the limit.

Answer 3

The federal income tax rate on long-term capital gains is 10 %.
The rate on short-term capital gains is your income tax rate.
If your capital gains is small ( less than $ 8,000 ), you will probably pay no tax since the personal exemption and standard deduction is greater and will cancel out the gain.
If your capital gain is large, you will pay 10 %.
Hope this helps.

Answer 4

if youre single, youre only required to file a tax return if you have at least $8,450 of gross income for 2006.

You may have to report capital gains and losses on Form 1040, Schedule D (PDF) . If you have a net capital gain, that gain may be taxed at a lower tax rate. The term "net capital gain" means the amount by which your net long–term capital gain for the year is more than your net short–term capital loss. The highest tax rate on a net capital gain is generally 15%.

If your capital losses exceed your capital gains, the amount of the excess loss that can be claimed is limited to $3,000, or $1,500 if you are married filing separately. If your net capital loss is more than this limit, you can carry the loss forward to later years.

If you are selling stock and realizing capital gains, you might want to sell any stock you may have unrealized losses on, to offset the gain.

long term capital gain tax rates are b/w 10-20%.

Answer 5

This calculator shows the capital gains tax on a stock investment, using the new Federal capital gains rates: http://www.moneychimp.com/features/capgain.htm

Answer 6

That depends....if the stock was held for more than one year (from purchase date to sale date), it is long term capital gains and is taxed at your marginal tax rate, up to a maximum of 20%. If it was held for less than one year, it is short term capital gains and is taxed at your marginal tax rate.