Peshke Financial
  • Services
    • Tax Preparation
    • Home Loans
    • Personal Finance Coaching
  • About Us
    • Meet Chad
    • Meet Emilie
    • Chad's Story
  • Client Resources
    • Tax Resources
    • Home Loan Resources
    • Financial Coaching Resources
  • E-News
  • Client Reviews
  • Contact Us
  • Services
    • Tax Preparation
    • Home Loans
    • Personal Finance Coaching
  • About Us
    • Meet Chad
    • Meet Emilie
    • Chad's Story
  • Client Resources
    • Tax Resources
    • Home Loan Resources
    • Financial Coaching Resources
  • E-News
  • Client Reviews
  • Contact Us
Search by typing & pressing enter

YOUR CART

E-News

Making Finances Simple. Changing Lives.

3/5/2013

Buying Stocks...Here's What You Must Do For Taxes

If you are going to buy mutual funds or any other account that contains stocks, make sure you keep track of your cost basis for tax purposes. DO NOT!

I repeat, DO NOT count on your stock broker/financial firm to do it for you. Stock sales generate proceeds which are taxable as capital gains. You then pay ordinary income tax rates on the gains (if held less than one year before selling), or you pay capital gains tax rates (if held more than one year).

The amount you pay taxes on equals your proceeds minus any cost basis you have in the stock. This is called your gain. Cost basis is generally what you paid for the stock plus any broker fees, etc. Therefore, keeping track of your cost basis lowers the taxable gain.


Contact me if you have questions I can answer on this topic....


Comments are closed.

SERVICES
ABOUT US
CLIENT RESOURCES
E-NEWS
CLIENT REVIEWS
CONTACT US

Picture
Picture
​​© 2023 Peshke Financial Inc., all rights reserved. NMLS #2244878. "Making Finances Simple. Changing Lives." is a pending trademark with USPTO. Material contained in this website is for informational purposes only and is not meant to be construed as direct financial advice for your specific situation. It is recommended that you consult with your own advisors for any personalized financial guidance. Since we’re not licensed attorneys, we cannot provide legal advice. As such, any info contained in this website should not be construed as direct legal advice. Individual Licensure (see profiles) - click here. Send Docs Securely - click here.