{ "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

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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.


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.

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