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

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If i take money out...
If i take money out of my brokerage account for personal use whats the tax consequence
Submitted: 2 years ago.Category: Tax
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Answered in 4 minutes by:
1/26/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,871
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

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.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

Please advise if you need more information

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