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First, it depends on whether you have a gain or loss on the stock. If you sold it at a gain, then you have to see if it can be offset by losses on other sales. Assuming not, then yes - the gain would be included in your taxable income. As for how much federal tax you would owe - that depends on how much other income you have and whether the gain is considered long-term (asset was held for more than one year) or short-term (held for one year or less).
On the state side - that depends on your state. Some states charge no income tax, some states use a reduced rate for long-term (but not short-term) gains, and some tax all gains the same as other income.
The short-answer to your question, however, is - generally yes, you do pay tax in that situation.
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Do you pay taxes selling products on your website?
Sales tax - If you sell an item to someone in your state you are supposed to collect tax. You pay this tax to your state. If someone doesn't live in your state, you don't charge tax. This law is in debate and might change in the future. Federal tax - Being in business you must keep records and pay federal tax.
Are state and federal taxes taken out in the state of Alabama?
Yes they are withheld from your gross pay.
Do alaskans have to pay taxes on gold they mine?
When you sell the gold, that is income- and you will pay Federal Income Tax on that income, just like you pay on wages you earn.
Do you have to pay a tax on stocks that were left to you?
No. You don't have to pay taxes on ANYTHING left to you. It's a gift, and the person (or estate) leaving it to you would have to pay any estate taxes.Also, when you sell the stocks (for capital gains) you will only be taxed on the increase in value from what they were worth the day your benefactor died, something called the "stepped-up basis".
Could income ever be subject to triple taxation?
If you live in New York City, you pay federal, state, and local income tax. If you live in Indiana, you pay federal, state, and county income tax.
Do you have to pay taxes on stocks?
You have to pay taxes on the profits when you sell or otherwise dispose of the stocks. You also have to pay taxes on dividends.
What is the fee you must pay to buy and sell stocks?
$10 dollars
Do you pay state and federal taxs on MD lottery?
do I have to pay State and Federal taxes on Md. lottery winnings
Do church's have to pay federal and state tax?
A church has to Pay State Tax.
Do you pay tax on a gift that you then sell?
For federal income tax purposes, you would not pay tax on the gift itself, but you would pay a tax on the increase in value (its appreciation) from the time you inherit it until the time you sell it. As far as state income taxes, that depends on the particular state you are in, so you have to check that out with someone familiar with the tax laws of that state.
Do you pay state and federal taxes on state pension?
no
Do you pay taxes selling products on your website?
Sales tax - If you sell an item to someone in your state you are supposed to collect tax. You pay this tax to your state. If someone doesn't live in your state, you don't charge tax. This law is in debate and might change in the future. Federal tax - Being in business you must keep records and pay federal tax.
Do I have to pay taxes on my stock options?
Employees may or may not have to pay taxes on their stock options. According to Smart Money, employees have to pay taxes for stocks they choose to sell.
Why do people pay federal taxes?
People must pay federal taxes in order to provide funding for Congress, the Supreme Court, and the Presedent and other executives. The need the money in order to pay workers or carry out federal laws. Also, we have to pay state taxes to pay our governer and other local legislatures. So we have to pay both federal and state taxes and if you don't, your in trouble. (:
Who did Hamiltion wanted the federal government to assume and pay the debts of the?
He wanted the federal government to assume and pay all state debts.
Do Georgia residents pay a tax to the federal government?
Yes...all State citizens pay US federal tax...no exceptions.
How can the federal and state governments both have the power to tax?
The Federal and state governments both have the power to tax because they each have separate expenses in a budget. State governments tax to help pay for state programs. Federal governments tax to help pay for Federal programs.
