I have a few shares of stock in a particular company that I have held for less than a year. I would like to sell the shares and I understand that I will incur capital gains tax at the higher, short term rate. Will I be taxed only on my net profit or on the entire amount of the sale?
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Tax Professional Answers
You will be taxed only on the net gain from the sale. You might even be able to get out of that if you have other losses or carryover losses from a previous year. Or if the stocks were inherited they are considered long term no matter how long you have had them.Leave a Comment 380 weeks ago