0
The withdrawal of cash itself is not taxable. You are taxed on capital gains within the account. If you sold a stock for $15 that you purchased for $10 your tax would be the capital gains rate* x $5 = ($15 selling price -$10 cost basis). Whether you withdraw that money or not the $5 is treated as income and is taxed.
* The Capital Gains rate depends upon the length of time you owned the stock. If you own the stock less than one year it is taxed at the short term rate. If you hold a stock longer than one year then you are taxed at the long term rate.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
What is a margin account?
A " Margin Account" is a type brokerage account in which the broker-dealer lends the investor cash, using the account as collateral, to purchase
How do you do withdrawal cash from business bank account for personal use?
[Debit] Drawing account [Credit] Cash account [Debit] Owners capital [Credit] Drawing account
Can a company director withdrawal cash for drawings account from company?
Yes, but it will be treated as a drawings account.
Is an owners drawing account is a debit?
Yes owners drawings account is debit because cash is credited when withdrawal to reduce the cash from business.
What is the journal entry for cash withdraw?
You write a cash withdrawal as follows: debit cash ; credit bank.
Can you open a brokerage account with cash?
no you cannot pay in cash to open an brokerage account.
Can you cash in interest on IRA CD?
Any withdrawal amounts from your IRA account would be a taxable distribution from your IRA account and if you are under the age of 59 1/2 the taxable amount will be subject to the 10% early withdrawal penalty plus income tax at your marginal tax rate on the taxable amount.
What are the different kinds of brokerage account types asked by Bradley Associates Spain?
Yes, actually brokerage houses offer clients a number of different accounts. The most common ones are a cash account, a margin account (cash and margin account), and an option account (cash, margin, and option account). Basically, these accounts represent different levels of credit and trustworthiness of the account holder as evaluated by the brokerage house.
What is a margin account?
A " Margin Account" is a type brokerage account in which the broker-dealer lends the investor cash, using the account as collateral, to purchase
How do you do withdrawal cash from business bank account for personal use?
[Debit] Drawing account [Credit] Cash account [Debit] Owners capital [Credit] Drawing account
What is the maximum cash withdrawal form ICICI salary account?
20000
Can a company director withdrawal cash for drawings account from company?
Yes, but it will be treated as a drawings account.
Is an owners drawing account is a debit?
Yes owners drawings account is debit because cash is credited when withdrawal to reduce the cash from business.
What is the journal entry for cash withdraw?
You write a cash withdrawal as follows: debit cash ; credit bank.
How does the FDIC protect non-banking stockholders?
The FDIC will cover your cash balance in your brokerage/investment account- but only if you signed up for an FDIC-insured cash account. If your cash balance is stored in a cash account as opposed to a money market account, the cash is stored in an account that counts as a savings account. This way, your cash balance can be insured by the FDIC while your invested amount is riding the stock market wave...
Are cash drawings taxable?
I assume you are asking that if you take a cash loan, withdrawal or surrender your policy for the cash value, will the money you receive be taxable? On a loan no, never. On a Surrender or withdrwal, only the cash that exceeds the amount of premiums you paid. Before surrendering a policy, check and see if you can get an offer from a life settlement. It usually is worth more than the cash value.
What is brokerage journal entry?
Debit brokerage paidCredit cash / bank
