I set up an account with an online stock brokerage and bought one stock (like one unit of stock from one company) several years ago. I just forgot about it eventually and never included it in tax filings. I still have my one stock there, but I never sold it. Am I ok tax wise? It was like 1 something and now it's like 3 something.
If I wanted to sell it would I have to file this year? How do taxes for stocks work exactly?
>>1177601
You pay income tax on the dividends payed to the shareholders and on the gain made on the selling of your share.
>>1177601
If you never sell your share you never pay income taxes on those assets. That's a strong tool to build capital and shows the advantages of choosing stocks that don't pay dividends to shareholders and instead use all their net income to grow the business.
>>1177601
i usually avoid paying tax by buying stocks in the name of my children.. they are almost on a 0% tax bracket, while i have to pay above 20% tax
When they reach adulthood, thats when i think about selling stocks before they move to a higher tax bracket
>>1177601
It sounds like you own maybe a hundred dollars of stocks at most, you're fine senpai, the IRS isn't going to come after you or notice that you haven't reported an amount of money that small.
>>1178404
Be aware that only about a fourth of companies pay dividends. There is a bigger probability you didn't collect any dividends actually.
no not even if it was Hormel.
There's a minimum cap gains before they tax you forget the amount.
