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I sold stocks in 2016 and the money was sent straight to my college to pay for tuition, does that change my tax situation in regards to tax on stock money?

 
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rjs
Level 15
Level 15

I sold stocks in 2016 and the money was sent straight to my college to pay for tuition, does that change my tax situation in regards to tax on stock money?

No, it doesn't change the situation. It's the same as if you sold the stock, put the money in your bank account, and wrote a check to the college. Selling the stock and paying the tuition are two independent transactions. You still have to report the sale of the stocks the same as if you kept the money from the sale.

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rjs
Level 15
Level 15

I sold stocks in 2016 and the money was sent straight to my college to pay for tuition, does that change my tax situation in regards to tax on stock money?

No, it doesn't change the situation. It's the same as if you sold the stock, put the money in your bank account, and wrote a check to the college. Selling the stock and paying the tuition are two independent transactions. You still have to report the sale of the stocks the same as if you kept the money from the sale.

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