Tax amount
How much tax do I need to pay if I sell 600k stock for down payment of house?
Cost basis?
“Paying taxes” 😂 be sure to renew your vehicle registration every year like a good boi
It varies depends on ur income. You should ask to ur CPA instead of Blind.
Ask a LLM about Long Term vs Short term Capital Gains. Also research about State Captial gains tax based on where you are located. Ballpark tax is going to be 30% of P/L give or take. If you didnt make much it makes absolute sense to liqudate. Else increase your mortgage and liquadate yearly based on your bracket
If you held for more than a year then it's long term capital gains so 15% tax. If held less than 1 year then it's short term and you'll pay regular income tax and that comes down to what tax bracket you're in. Also remember if you make a huge profit at any time of the year you need to pay your tax preemptively during that same quarter.
What qualifies as a huge profit
Depends on cost basis and your local tax laws. Assuming 0 cost basis and you are in the max tax bracket in California/NYC with short term capital gains, you can be looking at $300k+ in taxes in the worst case.
You held the stocks more than a year? https://ttlc.intuit.com/turbotax-support/en-us/help-article/investment-income/selling-stock-affect-taxes/L0fcDz634_US_en_US