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 Lev Your Own Question
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

My financial advisor says sell stock a and buy stock . i

Customer Question

my financial advisor says sell stock a and buy stock b. i have some gain in stock a. is there a formula for determining how much gain i must expect to get to offset the income tax i will have to pay for the gain in stock a?
Submitted: 6 months ago.
Category: Tax
Expert:  Lev replied 6 months ago.
there is no simple formula - But I will help you with estimate.
Expert:  Lev replied 6 months ago.
To calculate the gain - we need to know the expected sale price and your basis (mainly purchase price)and how long you owned that stock - more or less than a year.To determine your expected tax liability - we need to know your other taxable income, filing status and deductions.I will be helping you with estimations.Let me know if you need any help.

Related Tax Questions