all the capital gains are long term
2007-01-08 11:12:08 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
what if it was bought for like 4 dollars and its selling for over 60
2007-01-08 11:22:05 · update #1
Did you liquidate individual stocks and/or bonds, or were they a part of mutual funds? That makes a big difference as mutual funds constantly buy and sell shares. When ever a mutual fund sells anything, you get stuck with the capital gains tax bill. Even if you kept your money in the fund for at least a year, then some of that could still be counted as short term gains.
Was this part of an IRA? Or A 401k? That could turn the capital gains into being taxed as ordinary income!
2007-01-08 11:56:40 · answer #1 · answered by j-man 4 · 1⤊ 0⤋
Besides knowing your basis, there is a lot of other information that would be needed to answer your question. For example, marital and filing status, other income, number of dependents, are you 65 or over.
That said, your tax on this would likely be 5% or 15% of your gain. If your basis per share was $4 and the selling price was $65, and it wasn't from an IRA or 401K, and you were paying at the 15% rate, your tax on just this gain would be around $10,500.
2007-01-08 22:19:10 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You need to know what the basis (Cost) is minus the sell price and any commissions. Then depending on your tax bracket, the long term capital gains will not be any higher than 15% of the gain.
2007-01-08 19:15:25 · answer #3 · answered by Michael B 1 · 1⤊ 0⤋
Anywhere from nothing to 15%. Gotta get the cost you paid and subtract it from what your proceeds were.
The WealthBuilder
2007-01-08 19:19:56 · answer #4 · answered by WealthBuilder 4 · 1⤊ 0⤋