{ "media_type": "text", "post_content": "Beginner question: when/how do you pay capital gains tax on stocks? I’ve sold stocks at a profit, but have never declared it and have continued trading as usual... Trying not to get my front door kicked in 10 years from now", "post_id": "600f8e822dc8f1002e2ff583", "reply_count": 15, "vote_count": 11, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

Beginner question: when/how do you pay capital gains tax on stocks? I’ve sold stocks at a profit, but have never declared it and have continued trading as usual... Trying not to get my front door kicked in 10 years from now

likefunny
Posting as :
works at
You are currently posting as works at

If you sell a stock for a gain you pay tax on that gain for the year of the sale. You should get the information in a 1099b from the broker.

likehelpful

What EY1 said. This form has indications differentiating the stock sold in the capital gains. What is the stock sold or bought during the long-term holding.Use this form while filing your tax returns and you will be OK

You can make estimated payments to the IRS through the year. You should do this if you expect to owe more than $1000 in capital gains taxes, otherwise you might be subject to a penalty come the filing deadline

I think you can just go to irs .gov. If you use TurboTax or similar software I think you can print estimate forms and mail.

When did you sell them? 2020? Or before

It is possible that they had losses that wiped out the gains. However I agree that you should look at the old 1099s to see if you missed picking anything up and amend if the amount is big enough. If the gains are tiny you can assess if the exposure is big enough to spend the effort amending.

You have been doing your taxes wrong. The profit is capital gain and needs to be reported as income in the tax year in which you sold and thus realized the gain (or loss). Whether the IRS chooses to come after you for the omission, no one can say. They certainly have the information at their disposal because your broker provided them with the same 1099 they sent you. In theory, the IRS can compare your returns to all the documents they received about you, so should be dead simple for them to see that you failed to report it. Again, no idea when or if they will a) realize it, or b) act on it. But just because they haven’t yet doesn’t mean they won’t.

Additional Posts

kaun kaun record high nai milne par patta girayega.. ??? mere paas 3 the bc but sab Record High ke lalach mein purane ho gaye ... haha

likehelpful

Looking for insights / experiences working at GT and RSM - any red flags or positives related to culture, innovation, WLB, comp, etc. Currently my top choices to apply to.

like

I'm sick of creating my own worksheets all the time. How many of you use Teachers Pay Teachers (TpT)? Is it worth the $? Thanks!

like

Hi all, My nephew is deaf and mute. He just graduated from technical college, and he is actually good at sw development. Is there a way for him to apply for internships? Any ideas are welcome!

like

Hi Any openings/ referral in KPMG for SAP BASIS roles ??

I don’t know that many people went to HBS from PwC. Is this good or bad for me?

Do we need to go to client location in EY India or can we work out of EY offices? How frequently can we change teams(client)? Also, what should I get as a designation? (5+yoe, data science)

like

Expecting a baby in June and need to travel to India. Is eVisa a faster route than OCI currently? Is the 1/5 year e-visa being issued to infants?

like

Thank God STAAR testing is over! I put in David Bowie’s let dance to celebrate 😁😁

likehelpful

2yoe targeting brand management post MBA. I'd like to get more comfortable with data analytics and thinking of starting with Python analytics course on Codecademy. Any other tips/tricks? Thanks!💜

like

My lead has resigned and not supporting for any queries. I have just joined the company and domain is new for me. I'm struggling and getting frustrated. I communicate to manager as well but it was not useful. I have got another offer should I resign and join there.

like

360i/Dentsu or Droga5/Accenture?

likefunnyhelpful

Hi there, I’m looking to become an Advisor. I’m not sure where to start. I’m currently a Relationship Manager with over 8 years experience looking to jump to the Securities world. Any suggestions???

like

Guys Suggestions Deloitte USI: 12.5 + 10% NTT Data: 14.5 fixed SAP Labs: 12 + 10% Birlasoft: 16 Skill: SAP ABAP YOE:3.5

like

Hey guys, I need your opinion on which necklace: both are from VCA sweet collection. Much appreciated!

Post Photo
like

Has anyone tried any of the "alternative to alcohol" drinks that keep popping up? Did any of them actually make you relax and is so, please recommend!! Ty!

like

Been a lazy bum this whole break, now I feel bad 🥺

likeuplifting

I have an upcoming FDD interview with a case study. I know that the case would involve stuff like Quality of earning , EBITDA…etc. but does anyone know specifically how I can prepare for them? I tried googling it but can’t seem to find anything on what the case interview may look like… would really appreciate it if someone can share some advices or tips on how I can prepare for the case interview effectively. Thanks!!

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

Get realtime notifications and see
what's happening in your industry
from the palm of your hand.

For account settings, visit Fishbowl on Desktop Browser or

General

Legal