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 Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 14462
Experience:  15years with H & R Block. Divisional leader, Instructor
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

If i take money out of my brokerage account use whats the

Customer Question

If i take money out of my brokerage account for personal use whats the tax consequence
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


If you sell stocks or bonds to receive cash from your brokerage account you will pay tax on the gain.

If you are just taking out cash that placed in the account to allow the firm to place trades for you then that is not a taxable event. You are just removing funds you placed in the use for trades.

A sale of an asset held in the account is when you may have tax.

You will be sent the information if you do which will show you the gain or loss on the sale. Even if you have a loss you have to report the event when you file your return for that year.

I know rating takes an additional step and I truly appreciate it when you take the extra time!
You have to actively click on a rating (OK or Better) and click submit. Smiley Faces or Stars.
When you actively click on a rating and click submit, that lets Just Answer know you were assisted and credits me for the time.

Expert:  Robin D. replied 1 year ago.

Please advise if you need more information