Have a Tax Question? Ask a Tax Expert
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.
Please advise if you need more information