I was under the impression that the relevant companies would give me a cash amount for what has accumulated over the years. But I've been told that I would need to sell my shares in order to get the proceeds. If I do need to sell, is it worth it? The shares are related to utility companies.
2007-06-18 07:29:02 · 3 answers · asked by Becky Dee 1 in Business & Finance ➔ Investing
You are correct. If you want to liquidate your holdings, you will have to sell the shares.
Shares in a company are not like a bank deposit - you generally can not ask the company to redeem your investment for you.
Your best bet is to look up the company name on something like yahoo finance, and find out what the current price per share is. If you know the number of shares that you won, just multiply the price per share times the number of shares to get what your position is worth.
You will probably be liable for taxes as well as it is quite likely that the company is worth more today than it was 21 years ago, and you will have again to report to the taxing authority.
There are many discount brokerages out there that can help you with your transaction. However, if you are very unexperienced with the stock market, you might want to walk in to a full service brokerage firm that you know the name of - you are likely to pay more in fees, but less likely to be swindled or make an error.
2007-06-18 08:57:17 · answer #1 · answered by HiThere 1 · 0⤊ 0⤋
Go to the yahoo business page, look up the stock (usually a 2-4 letter word) and see what it is worth per share, times how many shares you have that will give you an idea of its worth.
2007-06-18 07:37:56 · answer #2 · answered by Pengy 7 · 0⤊ 0⤋
It is only worth it, if the transaction fees to sell them are within reason. My fees are $7 per transaction.
You will have to pay taxes on the gains, because selling them is a tax event.
2007-06-18 07:35:27 · answer #3 · answered by Feeling Mutual 7 · 0⤊ 0⤋