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I sold some stock today for a profit of $46,890. I live in…

I sold some stock...

I sold some stock today for a profit of $46,890. I live in the state of Ohio. What percentage of Federal/State tax do I pay in 2019.

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I sold some stock today for a profit of $46,890.00 I live in the state of Ohio. What percentage of Federal/State tax do I pay in 2019?

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3/21/2018
Tax.appeal.168
Tax.appeal.168, Tax Accountant
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The percentage that you will pay depends on whether the stock was held short term (year or less) of long term (longer than a year). If short term, the gain is taxed at your ordinary tax rate. If long term, the percentage will be 15 or 20%. Keep in mind that tax is only paid on the gain amount, which is the amount above your cost basis. In order to determine the gain amount, you start with the cost basis of the stock. If you sold for more than the cost basis, you incurred a gain. If you sold for less than the cost basis, you incurred a loss. Just because you walk away with money, does not meet that all of it is a gain. You can read more on capital gains at the following link.

https://www.irs.gov/taxtopics/tc409

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