Badger
Thinks s/he gets paid by the post
- Joined
- Nov 2, 2008
- Messages
- 3,411
A number of years ago I bought some stocks I would like to sell but I don't know if it would affect my taxes. I was told it would but I thought I would ask here.
Just to use numbers for illustration let's say from my salary I earned $20k that I wanted to use to buy stock. After paying taxes on the $20k I had $15k left to buy stock with. 10 years later the stock was worth $25k. If I sell $15k of the stock (the amount of money that was already taxed and used for the original purchase) but leave in $10k that the stock increased by will I have to pay taxes understanding that when I sell the remaining it would be taxed?
Cheers!
Just to use numbers for illustration let's say from my salary I earned $20k that I wanted to use to buy stock. After paying taxes on the $20k I had $15k left to buy stock with. 10 years later the stock was worth $25k. If I sell $15k of the stock (the amount of money that was already taxed and used for the original purchase) but leave in $10k that the stock increased by will I have to pay taxes understanding that when I sell the remaining it would be taxed?
Cheers!