STOCK COVERS
STOCK COVERS
Do I owe taxes on an ISO stock transaction when I only sell enough to cover the purchase?
If I exercise 20000 shares at $2 for a $10 stock, and sell just enough to cover the $40000 transaction cost (4000 shares) will I owe short term (30%) taxes on the $40000? I didn't make a profit in this transaction so is it a wash? As long as I hold the remaining 6000 shares for a full year, I will owe long term taxes on sales of those stocks right?
When you exercise Incentive STOCK OPTIONS (ISOs) and sell them immediately, you recognize ordinary income. So you will have income of 4000 x $8 = $32,000, which will be taxed at ordinary rates.
On the shares you do not sell, if you hold them for two years from the date or grant and one year from the date of exercise, you will qualify to recognize the income from the sale as long-term capital gain. However, you recognize income for purposes of the Alternative Minimum Tax at the time of exercise. So, 16,000 x $8 = $128,000 will be added to your AMTI. If you pay AMT because of this, you may get part of it back, as a credit, in later years, because when you sell the 16,000 shares it will be a reduction to your AMTI.
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