How Will Selling My Stocks Affect My Taxes?
How Will Selling My Stocks Affect My Taxes?Answer: Selling stocks will affect your income taxes. If you are going through a broker, he should be able to briefly explain the tax information for you, but it is still your responsibility to have the correct paperwork on hand. If you are using an online brokerage site, then you need to make sure that you keep all receipts for the purchase and the sales of the stocks. When you sale your stocks, you are taxed on the profit of the stocks. If you sell at a lost you can claim a loss on your taxes. For this reason you need to keep a receipt of the purchase of the stocks. If your stocks have split, you take your purchase price, and divide it by the number of shares you have now to determine the value to be assigned to each individual stock. When you sell you subtract the purchase price from the sell price. The result is the number you report on your taxes. If the number is positive, then you are reporting a capital gain. If you bought the stocks a
