Taxes

[Bsktball55]

I've been investing for a while, but have never really sold much for a profit (couple hundred here and there) most of my investments are in long term funds that I plan on holding for a long time. However, I did buy some cruise stocks during the dip and maybe looking to sell those in the fairly near future as they are recovering nicely. I would probably be looking at around a $15,000 profit so I'm assuming Uncle Sam will want his cut. My question is, do you have to pay those capitol gains taxes quarterly, or can I wait until I file my taxes next year? If I do need to pay them quarterly, what's the best way to go about doing that? I use Tax slayer to file my taxes, can I do it through there? I'm not selling yet, but want to know what to expect when I do. Thanks for the help pointing me in the right direction.

[Bassmaster96]

Which platform do you use?

[Bsktball55]

Tdameritrade

[boneil]

I would look at the IRS website for cap gains taxes and/or talk to a tax person. My initial thought is I would pay that at the end of the year but then I think about the wife always mentioning about paying it quarterly whenever I bring up profits. I don't know what the rules are but my wife seams to think we are on the cusp of needing to pay quarterly.

But also, I wouldn't think you need to do quarterly if we're talking about a 1 time profit. If this was regular thing like if you were a daytrader then I would think quarterly is needed.

[Bsktball55]

Yeah, that's where I was getting the uncertainty. I know about 10 years ago, my wife was involved in a special project at work and got paid about $18,000 as an independent contractor. We were told that since it was a one time thing that we could just pay at the end of the year as long as paid enough in taxes that year as we owed the year before or something like that. So for example lets say in 2015 we owed a total of 10 grand in taxes. In 2016 she had this big increase in pay, as long as 10 grand was deducted from our paychecks throughout the year in 2016, we would be fine, but if only 9 grand was deducted, then we could owe fines for not paying it quarterly. I think that's how it was explained to me. Unfortunately, back then we were getting a refund every year so we always met our prior years responsibility. Now we are having to pay a couple hundred every year so I'm not sure if we would be ok or not. Guess I will be doing more research.