AboutGlenn 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
Question Do you pay tax on the sale of stock if you DO NOT withdraw the funds from the broker AND how is it handled if you reinvest that money in another stock...thank you
Answer Theodore,
If you sell stock , you have to report a gain or a loss.
In most cases even if you reinvest it, you have a reportable transaction.
If you then reinvest those proceeds into another stock, then the gross proceeds reinvested into a new stock become part of your cost basis for the new stock
There are some exceptions. If you buy into a group of funds and move money from one fund to another fund within that group, you can defer any gain. Loss would be recognized though.
