Rebeca said...
Hello. I would like to know if there is a way to pay my credit cards with money I receive on stocks I sell without having to deposit the money into my checking account first. I don't know the legalities of this is, but I know there are different legal ways of managing money. I have plans to put some of it into CDs or a Roth account for my son also and I imagine this can be done through my bank with some of the money before depositing it. Thank you for your help.
Friday, June 25, 2010
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1 comment:
Rebeca, thank you very much for visiting our blog regarding your questions.
When it comes to paying taxes on the sale of stocks, you pay taxes on the net gains and not the entire monies you receive from the sales of stocks and securities. The money you have in your stock brokerage account can be withdrawn at anytime and can also be paid directly to the credit card companies if you brokerage firm allows a direct payment to the credit card companies instead of transferring it to your bank account. You should inquire with your brokerage firm regarding direct payments and also inquire if they offer CD's and ROTH IRA's. Based on what you wrote in your question, it does not appear to have any legal issues, however, if you feel there may be legal issues involved then please keep in mind that we are tax practitioners and not legal advisors. If you have any further questions please feel free to post it on our blog.
Good luck,
Web Tax Office Team
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