Selling stock with Scottrade?

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WEATHERBY460

New member
Joined
Dec 21, 2007
Messages
21
Age
46
Location
IL
I am thinking about buying stock thru scottrade. I know it is $7 to buy, and $7 to sell, but I assume there are more costs with it. Taxes?

Lets say I spend $500 now and the stock doubles to $1000, what will I really pay if I want to sell it.

Thanks
 

Depends on how long you hold it - if you sell in less than 1 year (short term investment), you will pay your normal income tax rate just like it was normal income - if you hold it for more than 1 year (long term investment) it would be taxed separately at the capital gains rate of 15% - unless you are in a low income bracket that would qualifiy you for the 5% capital gains rate - you could trade all year and report your net earnings at the end of the year - hope this helps!!
 
the hard part is talking your self into putting your hard earned money into our constantly failing market ...but if it all turns around now would be the time to buy ....goodluck man,,, got any inside stock tips you are gonna share ?
 
Something else to think about - Obama wants to hold the current capital gains at 15% and raise it to 20% on married making over $250 k and single making over $200 k - McCain wants to cut (long term) capital gains to 7.5% for two years in an attempt to spur investment - if you are in a low income bracket, you would do best on short term investment if Obama gets elected and you will fair better with long term investments if McCain gets elected!
 
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