Question
I was lucky enough to win big at the casino back on New Years Day earlier this year (thanks for celebrating with me). I took
I was lucky enough to win big at the casino back on New Years Day earlier this year (thanks for celebrating with me). I took the $3,000 I won and bought 100 shares of stock in that cool new smartphone app company, TriviaAddiction. I just love playing that game. Anyway, the stock has done well, and I am thinking of selling before year end now that the price has reached $240 per share. Since you are my tax adviser, I thought Id ask a couple of questions: Is there any reason to wait and sell later? If I dont sell, the price might go down (TriviaMaster seems to be replacing TriviaAddiction as the hot new game). Im thinking the price might be as low as $220 by early next year. My taxable income this year and next year is expected to be $40,000 (not including the stock sale). I think that puts me in the 12 percent tax bracket? Any suggestions on what I should do?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started