Thursday, August 11, 2011
I bought stock it went up need to pay off debt how to avoid huge taxes?
I bought some stock about 6 months ago (kirkland furniture) it went through the roof, but in the meantime I wracked up some hefty CC debt. The end result is that I have 20K in stock that I can sell, and 20K in debt. My initial buy price on the kirkland stock was $1 and it sells at $15 now. What is the best way for me to get the money out of stocks and pay off my debt with the minimum tax hit. (as it's under 1 year I know capitol gains comes into play but I have no idea about this stuff,..it was just a super lucky hit on a hobby investment)
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