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Started By
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Taxes on stock grants and stock options
Posted on 7/27/22 at 11:24 am
Posted on 7/27/22 at 11:24 am
Is there any way to reduce the taxes due when liquidating stock grants and stock options?
It looks like short term capital gains tax applies.
The total is over $1M so I’d prefer to limit the amount of tax owed if possible.
It looks like short term capital gains tax applies.
The total is over $1M so I’d prefer to limit the amount of tax owed if possible.
3
Posted on 7/27/22 at 11:38 am to Grinder
You can pay the taxes with a portion of the shares and get the remaining cash or keep all the shares and come out of pocket. I think there is a third way but I don’t remember it.
Third opinion is sell enough shares for the taxes and keep the remaining shares
Third opinion is sell enough shares for the taxes and keep the remaining shares
This post was edited on 7/27/22 at 11:41 am
Posted on 7/27/22 at 11:44 am to Mr.Perfect
Yeah you can sell to cover and then hold the shares you have left for at least a year so they become long term gains.
Posted on 7/27/22 at 11:49 am to Diseasefreeforall
Thank you.
For some reason it’s a very confusing topic to me. I currently sell to cover, but I know there’s additional taxes that will be due.
For some reason it’s a very confusing topic to me. I currently sell to cover, but I know there’s additional taxes that will be due.
Posted on 7/27/22 at 12:26 pm to Grinder
Yes...hire a qualified tax attorney or CPA.
Posted on 7/27/22 at 1:47 pm to texn
If you expect the stock to appreciate considerably in the future I believe there's a way to pay ordinary tax on them now (increases the cost basis) that way after the holding period it'll be LT Cap gains tax.
I remembering studying that topic for CFP exam.
I remembering studying that topic for CFP exam.
Posted on 7/27/22 at 2:18 pm to Grinder
quote:
Grinder
quote:
$1M
Seriously, too cheap for a CPA?
Posted on 7/27/22 at 4:55 pm to armsdealer
quote:
Seriously, too cheap for a CPA?
Several years ago, I used a highly recommended CPA to do my taxes. I gave him all my necessary paperwork, with additional notes from me to provide clarification in areas where he might have questions.
He charged me $750.
I returned several weeks later to pick up my completed tax return. Everything looked very professional and organized.
I looked over the tax return as I got in my car. In the first few minutes of reviewing the tax return, I found 3 significant errors. I went back into his office, showed him the errors, and showed him in my paperwork where the errors were made.
He told me he wasn’t going to charge me to fix the errors and resubmit the tax return.
It was at that moment I realized I should probably continue on without a CPA.
But thank you for the recommendation.
Posted on 7/27/22 at 7:44 pm to Grinder
Get a new CPA.
Posted on 7/27/22 at 10:26 pm to Grinder
quote:
He charged me $750
That’s your issue right there. H and R block probably charges more than that
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