2007-03-23 15:12:29 · 7 answers · asked by pamtann 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
It depends on what you paid for it.
If you bought it for $12,000 and sold it for $11,000, you wouldn't owe any tax as you would have a capital loss.
But it's impossible to know answer your question without knowing the cost basis on the stock.
2007-03-23 15:17:26 · answer #1 · answered by Faye H 6 · 9⤊ 0⤋
That would depend on what it cost you when you bought the stock. You are taxed on only the difference between what you bought the stock for and what you sold the stock for. If you bought the stock 20 years ago for $1,000 then you would have capital gains on $10,000 ($11,000 sale - $1,000 cost). If you had dividend reinvestments over the years, that would also need to be included in your cost as well.
2007-03-24 15:57:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Just like what everybody else said, it depends on how much you purchased the stock for it.
I don't know that it is the case, but if it was an employee stock option plan, or anything similar that could cange (if it is an ISO or ESPP you especially may want to get tax help b/c of something called alternative minimum tax)
It's also important how long you held the stocks and your income.
2007-03-24 16:12:52 · answer #3 · answered by It's me 3 · 0⤊ 0⤋
It depends on your cost-basis, which is what you orignially paid for the stock. If you inhereted the stock then it depends on who you inherited the stock form paid for the it.
You will pay taxes on the gain, the difference between the origninal cost (basis) and the selling price. If you held the stock for less than a year before you sold it, you will pay your gain times your marginal tax rate (your tax braket). If you held it for over a year you will pay capital gains, which is a flat 15% of the gian. If your total income was less than $15,000 last year, then you will only pay 5% capital gain.
Of course if you lost money on the sale, you will be able to claim the loss (based on your tax rate or the capital gains rate) against your income.
2007-03-23 18:31:08 · answer #4 · answered by Charles F 2 · 1⤊ 1⤋
You would need to calculate your cost basis. It's the money you put in - how much you purchased it for and what you sold it for. Then from there you can use methods such as FIFO or first in first out, or LIFO last in first out, Average Cost method, Specific etc. You need to consult an accountant to make sure you do it right.
2007-03-23 15:25:05 · answer #5 · answered by It is what it is 3 · 0⤊ 0⤋
It would depend on how much money you gained, which tax bracket you are in, and what your filing status is.
2007-03-23 15:33:49 · answer #6 · answered by Mariposa 7 · 2⤊ 1⤋
Yeah, what the first person said.
~Kat
2007-03-23 15:20:12 · answer #7 · answered by Kat 2 · 0⤊ 3⤋