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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 42286
Experience:  Texas Attorney for 30 years dealing in real estate
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I pulled all of my money out of the stock market. Is there a

Customer Question

Hi,
I pulled all of my money out of the stock market. Is there a residential investment account of sorts? Is there a deadline to put the money into an escrow? I'm a Real Estate Agent, and I'd like to invest my money with out getting hit by the IRS?
Thank you,
April Hamilton (###) ###-####
'
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.

Hi and welcome to JA. Ray here to help you today.

The only option I see here is to contribute to your IRA or open one if you want the deduction.If you sold stock here at a profit there is capital gains due next year, Jan 2017 for the 2016 sale.You could offset this to a degree by making deposit or opening an IRA here.You get a tax deduction for that amount and it would reduce the amount you owe.But a stock sale is taxable event and all you can do is minimize the hit.

Even if you reinvest this in say real estate, the stock sale is taxable on the profit from the sale.The IRA contributions could be used to offset the gains.

Max contributions.

If you're under age 50

$5,500

If you're age 50 or older

$6,500

I appreciate the chance to help you today.Thanks again.