- April 29, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Understanding Stock Program Benefits
My previous company had a stock program in which you could choose a percentage of your salary (5-10%) which could be traded for company stock for a discount. I used the program, but I’m unsure how I’m supposed to declare these benefits. This lack of clarity has left me wondering what steps to take, especially since the stock has lost a significant amount (more than 70%) of its value, and I wasn’t able to sell at a profit.
## Seeking Guidance on Tax Implications
If I sell the stock at a loss, I wonder if there is a chance I could obtain a higher tax refund. The financial implications of selling the stock at a loss are uncertain to me, and I am unsure of the potential tax benefits or drawbacks.
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The discount is taxable as income in the year of purchase, regardless of whether you end up selling at a loss or not.
Then if you sell at a loss, you can only use that to offset gains made on other stock sales, not employment income.
you should have the discount after the stock is granted. do you mean you got your ESPP with discount and then held it until -70% ?
General advice is to sell ESPP as soon as possible…