If I sell my Coca-Cola stock (KO) that is not IRA or tax-protected, do I have to pay income or capital gains taxes on it IF…?

Question

If the KO stock is in a standard brokerage account, you will have to pay capital gains taxes on any profit you’ve made on the stock. Income taxes would not apply to this.

If you sell the stock and put the proceeds into an IRA, assuming it’s a traditional IRA, you will be able to deduct a portion of your contribution (up to federal limits) from your taxes at the end of the year.

If you have a low cost basis in your brokerage account, I would advise against it, as you would have realized any gains and would have the buy the stock at its current levels in the tax advantaged accounts.

in progress 0
Anonymous 8 months 1 Answer 52 views 0

Answer ( 1 )

  1. yes you will need to pay taxes on your profit, your capital gains tax

Leave an answer

Browse
Browse