When purchasing online stock, how much does it cost to cash in and get your money out? I use ScotTrade, help!?

What is the soonest and most cost effective way to cash in on the growth of stocks? If my stock has grown from 10bucks to 20bucks, then will I be able to cash-in on the profit gain? Can someone explain this process while I try to reorganize my life to keep up with the times. I'm dealing with the economic turmoil of the US!

2 Answers

  • rowlfe
    Lv 7
    1 decade ago
    Favorite Answer

    As I recall, Scottrade charges $7 per transaction, which means if you own 1 stock and sell it, it costs you $7. If you own 2 and sell, then $14 and so forth. If you own 10, then $70. For each stock you sell, you get charged $7 for the transaction. You can sell your stocks at any time and request the cash from your account. They will send you a check for any cash you elect to remove from your account. Taxes, are between you and the taxman. If you made make a profit you pay tax on the capital gains, which is the difference between sale price and basis value. The basis value is what you paid for the stock on the day you bought it. If you bought at 10 and sold at 20, the increase of 10 is taxable. The rates for long term and short term capital gains are different, so you need a tax adviser to be sure you do not make an error and pay the wrong amount of tax. That is that, in a nutshell... what you elect to do is your business. I am not a tax adviser... YMMV...

  • Anonymous
    1 decade ago

    most kost effektiv...more $ yu hav the cheeper is the fees.

    If in mutual fund, no charj tu take out yer munee.

    no wae kan yu invest 10$. Minimun tu open akkount: normal=1,000 tu 3000$

    most hav speshal for IRA

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