I was given these shares under an ESOP plan over twenty years at different prices. The company was SBC which is now ATT. Some years the share value was $50.00. I left them alone for the last twenty years and reinvested the dividends.
2007-01-10 10:32:11 · 3 answers · asked by john 3 in Business & Finance ➔ Taxes ➔ United States
go to a financial aid service-ask there
2007-01-10 10:48:50 · answer #1 · answered by Britanie 3 · 0⤊ 0⤋
The company controlling the plan should send you a statement and might be able to help in calculating the basis. The difference between the price you sold the stock for and the basis is what you pay tax on. If there is not a bank/investment company involve you have to take the different prices paid for the stock, add them up; add to that amount the dividends that you reinvested and that is your basis. You just have to do the best calculation you can. You may want a tax preparer, but if this is a large profit you should pay estimated taxes which are due on 1/15/07 so you should get some advice soon.
2007-01-10 21:48:43 · answer #2 · answered by irongrama 6 · 0⤊ 0⤋
You would have to figure out your cost basis (how much you paid for the stock) in order to determine the taxable capital gains. The sales proceeds less your cost basis would be the amount subject to tax.
2007-01-10 18:45:51 · answer #3 · answered by jseah114 6 · 3⤊ 0⤋