Is selling stocks a tax write off?

Answer by  EarlOfSandwich (177)

If you sell at a price that is higher than the purchase price, you have a capital gain and are liable for taxes on that gain. If you sell at a loss, you may deduct up to $3000 of losses annually, with the remainder carried forward to future years.

Answer by  John (9008)

Selling stocks can have a variety of different tax consequences. The biggest issue is whether or not you lost money or made a profit from the sale. If you made a profit, and made capital gains profits for the year, you must pay capital gains taxes. If you took a loss, then you can claim the capital loss.

Answer by  TheAnswerFairy (2345)

No, not at all. In fact, you will have to pay capital gains tax on the profits you made from the sale.

Answer by  tamarawilhite (17883)

There is only a tax write off if you sell stocks at a loss. This would be if you bought them at a certain price and sold them for less than that specific price. You can only write off several thousand dollars of these losses, depending on your household income.

Answer by  MichaelMoroschan (120)

Selling stocks can be a tax write-off when the stock(s) is sold during a current calendar year for a loss and reported on a 1040 Schedule D form.