Have Tax Questions? Ask a Tax Expert for Answers ASAP
Thank you for using Just Answer.
The answer to your question is no. The entire sales price of the stocks sold is not taxable income because you will be able to deduct the amount that you originally paid for the stocks (your basis). Your broker should be able to provide you with the information concerning the sales price and the basis. If the value of the stocks fell below the original purchase price, you will have a net capital loss. This may be used to reduce other capital gains, and to a limited extent, can offset ordinary income.
Unfortunately you will not be able to claim your daughter as a dependent. She will not be considered a "qualifying child" because she had turned 24 as of the end of the year. She will not be considered a "qualifying relative" because her gross income was more than $3,700. Even though you meet all other tests to claim her as a dependent, those two circumstances disqualify her to be claimed as a dependent.