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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Capital Gains and Losses
Satisfied Customers: 263
Experience:  Over 20 Years experience in resolving tough tax cases
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I want to cash in my stock and pay off my home.

Customer Question

I want to cash in my stock and pay off my home. It is under $49,000 and that is just about what my stock is worth.
It would just make it easier for me to not have the mortgage and then I can use the regular amount I get from my Social Security to live.
I am 69 years old and tired.
Judith **
Submitted: 9 months ago.
Category: Capital Gains and Losses
Expert:  Jonathan Tierney replied 9 months ago.
Hi, my name is ***** ***** I can help. Is the stock in a regular taxable account or a retirement account like an IRA? If it is in a taxable account and depending on whether or not your have a low basis in the stock, you may want to spread the sale over two years to ensure that any long-term capital gains get taxed at the 0% rate so yo do not have any federal capital gains tax. Do you know how much your costs basis is for the stock you own?
Customer: replied 9 months ago.
No, and I am thinking I cannot use your service. I'll just go to a financial adviser locally. I don't even have any idea of what you are talking about.Sorry. Please take me off your list and just charge me for this if you need toThank you
Judith

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