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About Glenn D Schnabel
Expertise
I can answer most federal individual income tax questions. I can not provide legal advise.

Experience
I have worked for a CPA firm for over 11 years. I have worked in private as well as government I have recently been running a tax preparation office, mainly focusing on individual income taxes

Organizations
I have been affiliated with managing condo associations and as a member of a coalition to educate condo owners as to their rights and responsibilities.

Education/Credentials
I have my B.S.B.A in Business Administration . Concentration in Accounting I have gone to yearly tax seminars and have tried to keep up with the evolving tax changes

Awards and Honors
Over my years I have received local awards for contributions to worthy organizations.

Past/Present Clients
This, of course remains confidential

You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > Stock sales

Tax Law (Questions About Taxes) - Stock sales

Expert: Glenn D Schnabel - 10/25/2009

Question
If I buy 300 shares of stock for $9000.00 and later sell 200 of those shares for $9000.00 and keep 100 shares, do I owe capital gains taxes on the sale of the 200 shares? The 100 shares I'm keeping would be the profit.

Answer
Tom,

If you buy 300 shares at $9000 , each share is $30 per share. if you sell 200 shares for $9000, your cost basis is 200 shares at $30 per share or $6000 leaving you with cost basis of 100 shares at $30 per share or $3000.

You would report a capital gain of $3000 ( Selling Price $9000 Cost of $6000) and have 100 shares with a cost basis of $3000

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