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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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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.




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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.




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.

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!
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