How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask CGassist.168 Your Own Question
CGassist.168
CGassist.168, Accountant
Category: Capital Gains and Losses
Satisfied Customers: 3444
Experience:  Tax Accountant
58285678
Type Your Capital Gains and Losses Question Here...
CGassist.168 is online now
A new question is answered every 9 seconds

If I sold all of all stock in a brokerage account with a firm

Customer Question

If I sold all of all stock in a brokerage account with a firm and then moved all of that money to another brokerage firm do I have to pay taxes on the entire amount or I only pay for the gains of that year.
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  CGassist.168 replied 1 year ago.
Thank you for contacting us today. My name is ***** ***** my goal is to efficiently assist you with your Capital Gains matters.
Q: If I sold all of all stock in a brokerage account with a firm and then moved all of that money to another brokerage firm do I have to pay taxes on the entire amount or I only pay for the gains of that year.
A: You would pay tax on the capital gains. You can refer to the following IRS webpage for more information relating to capital gains.
http://www.irs.gov/taxtopics/tc409.html
Let me know if I can be of further assistance to you regarding this matter.
Customer: replied 1 year ago.
For that year or from the time it was initially purchases. So if they sold I would only pay for 1 year or the number of years held. I would think for one year since I paid capital gains on it prior years correct
Expert:  CGassist.168 replied 1 year ago.
Hello again,
The initial purchase date. Capital gain tax rates are based on your ordinary income tax bracket and whether the asset was held for short term (one year or less), or long term (longer than a year). If the stock was held short term, the capital rate is the same rate that your ordinary income is taxed at, long term, the rate would likely be 15%, unless a person falls in the 10 or 15% tax brackets.
If capital gains come into play, that is not paid until the asset is sold. If you paid capital gains in prior years, that was likely on other stock that was sold.
Let me know if this clarifies matters for you.

Related Capital Gains and Losses Questions