Stock Markets Exposed
If I use the stock market account to purchase something?
When I have stock traded in the stock market account. They all have a bank account number which to used for purchase. Is there a possibility that I will get income tax after purchasing using the stock market asset? Stock market from I been told will not tax me if I change before the dividend date and not withdraw. But if I were making a purchase on the stock market account, is that consider withdrawing? Will any of my asset be reported to the IRS? If I did or how will I know that it won't be reported when I am living on SSI which I can't make more than $800 a month. Any tax solutions? PayPal will not report to the IRS (see FAQs), if I make a purchase through PayPal which is a online bank system. Will I be income tax for that? Best solution for me as a disabled person who want to support myself where I don't need social security.
Public Comments
- Ok, first of all, forget PayPal as a way out of paying taxes -- they're not the ones who would report the sale. Now, with regards to using your stock market account: If you make a purchase through it, the investment company has to sell stocks to cover that withdrawal. If the stocks are sold at a profit, you will have to pay capital gains taxes on the sale for that year. On the other hand, if those stocks are sold at a loss, it would actually lower your overall income. Plan very carefully before selling your stocks, as you may find some hidden surprises in that purchase you just made that you weren't expecting....
