If I bought stock for $10000 and sold it for 25000, am I responsible for 15000 in capital gains?Or is it 25000

Answer 1

You only pay Capital tax on your profit. You might check into this, some Capital gains are not this strict.

God bless you :)

Answer 2

You pay taxes on your gain (15,000). If you held the stock for less than a year, it will be taxed at your regular income tax rate. If you held it for more than a year, it will be taxed at the long-term rate (I think 15%).

As an aside, say you sold it for 2,000 (so you lost 8,000), then you could deduct the 8,000 loss if you itemize your deductions.

Answer 3

$15,000, less such expenses as broker fees.