stock guys or tax guys...

HuskerFan1 · Nov 3, 2011

since fu-king scottrade sucks and cant answer a simple question....

can someone let me know...i wanna raise some cash to pay off a couple bills but i dont wanna have to claim the gains on this year tax return...

so whats the earliest i can sell stocks to avoid paying capital gains for the current 2011 calender year? would it be january 1st of 2012 (or january 2nd b/c the 1st is a holday) b/c its a new calender year?

thank you

Maggiore · Nov 3, 2011

1/1/12....If you have an actual gain. Stocks are done on a cash basis.

ThreeKings · Nov 3, 2011

market not open 1/1 so 1/2 probably settle 2 - 3 days later.

HuskerFan1 · Nov 3, 2011

ok thanks guys thats what i thought i just wanted to be 100% sure....not sure why scottrade couldnt answer me that....

LineTamer+ · Nov 4, 2011

They wont answer it cause they are not aloud to give tax advice...as simple a question as it is, they cannot legally give any tax advice...while you are safe going with the answers posted above, I would say this is also not the best place for tax advice if your looking for 100% sure.

But, yes a stock sold on 1/1/2012 counts as a capital gain/loss for 2012.

Willie99 · Nov 5, 2011

if you are in the 10% or 15% income tax bracket, the long term capital gains tax rate is 0%. Long term being assets you held over one year.

This rate was supposed to revert back to 2003 levels for 2011, but has been extended through the end of 2012.

If you're not in one of the lower brackets, your long term rate is 15%

you only pay tax on gains, losses can offset gains

don't know what your state tax consequences may be

stock guys or tax guys...

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