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Tax.appeal.168, Tax Accountant
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I live in WA state. We have 2 1/2 shares in a surgery center

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I live in WA state. We have 2 1/2 shares in a surgery center inc. in South Dakota. We bought the shares for $6500 back in 1990. We need to sell 1 share to cover living expenses when my husband has neurosurgery . The shares sell for $19,000 per share now. We are in the 25th %tax bracket. We are wondering what our tax liability might be?
Submitted: 5 years ago.
Category: Tax
Expert:  Tax.appeal.168 replied 5 years ago.
Hello, THANK YOU for choosing Just Answer. My goal is to help make your life...a little...LESS taxing.

Your gain would be a long term capital gain, and long term capital gains for your tax bracket are taxed at 15%. Form 8949 is the new IRS form for reporting capital gains and losses. Links to the form and instructions below.

Based on the $6,500 for 2.5 shares, you paid $2,600 per share. If the shares now sell for $19,000, your gain on the sale of one share would be $16,400. $16,400 x 15% = $2,460.
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Expert:  Tax.appeal.168 replied 5 years ago.

The $2,460 is the 15% tax that would be assessed on the gain amount.