Quote:
Originally Posted by BigBeauford
So I'm still new to this whole shebang and wanted advice:
March 23rd I put a bunch of money into stocks. I'm up over 100% of that initial investment. Do I need to wait until March 24th 2021 to withdraw to avoid recording the gains as part of my standard taxable income? Or do I just need to wait for Jan 1st 2021? Or does any of this matter and I could cash out today. Thanks yall!
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Stocks held less than a year will be subject to a capital gains tax. That tax is calculated based on your income tax bracket. If you sold it after a year, that tax rate is going to be lower.
In the end it comes down to what your investment goals were for that stock. Profit is profit, and you can never go wrong taking it.