If I sell stock, rebuy it and sell it once again in the same year, am I charged twice the capital gains tax?
This of course assuming I profit from both sales.
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No, you would only be charged capital gains on your total profit.
So, if you made $1,000 on the first sale and $3,000 on the second sale, you would only pay capital gains on the $4,000 total.
Make sure that the basis you are using for the second sale is the price you rebought it for and not the original price.
No, you would only be charged capital gains on your total profit.
So, if you made $1,000 on the first sale and $3,000 on the second sale, you would only pay capital gains on the $4,000 total.
Make sure that the basis you are using for the second sale is the price you rebought it for and not the original price.
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