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If I received income through selling stocks but I used that income to pay the IRS (from underreporting in 2015) is there a tax break for that?
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posted
June 3, 2019
11:42 AM
last updated
June 03, 2019
11:42 AM


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If I received income through selling stocks but I used that income to pay the IRS (from underreporting in 2015) is there a tax break for that?
No there is no tax break for paying the IRS the underpaid taxes.
If your stock sales were held for more than a year, the gains will be taxed at a special rate.depending on the tax bracket you are in for the total of your regular income + the long-term capital gains.
Click here for further information about capital gains.
June 3, 2019
11:42 AM
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If I received income through selling stocks but I used that income to pay the IRS (from underreporting in 2015) is there a tax break for that?
No there is no tax break for paying the IRS the underpaid taxes.
If your stock sales were held for more than a year, the gains will be taxed at a special rate.depending on the tax bracket you are in for the total of your regular income + the long-term capital gains.
Click here for further information about capital gains.
June 3, 2019
11:42 AM
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If I received income through selling stocks but I used that income to pay the IRS (from underreporting in 2015) is there a tax break for that?
Thank you!! Super helpful and fast.
June 3, 2019
11:42 AM
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If I received income through selling stocks but I used that income to pay the IRS (from underreporting in 2015) is there a tax break for that?
You are welcome!
June 3, 2019
11:42 AM
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