Taxes and selling stocks

[suineg33]

I was an international student and opened an account with online broker. Bought some stocks in Oct, 2008 for 10'000 after I left USA. Then in December, 2008 invested another 14'000. Their market value is close to 60'000 as of now.
In between, I let my cousin use my account and he made about 18'000 (bought for 40'000 and sold for about 58'000). If I liquidate my position today and get the money out of the account, what would be the estimated tax for 2009?

I am not in USA atm, but I am planning to get back to US next year for my master's degree. It is so easy to get that money transferred to my overseas account and be done with it, however, I dont want to see a huge tax bill (if there will be any) when I get back to the school later.

Please help.

[davew128]

Your tax would be somewhere between $0 and a much higher number based on what your return ends up looking like.

[LdiJ]

Originally Posted by suineg33

I was an international student and opened an account with online broker. Bought some stocks in Oct, 2008 for 10'000 after I left USA. Then in December, 2008 invested another 14'000. Their market value is close to 60'000 as of now.
In between, I let my cousin use my account and he made about 18'000 (bought for 40'000 and sold for about 58'000). If I liquidate my position today and get the money out of the account, what would be the estimated tax for 2009?

I am not in USA atm, but I am planning to get back to US next year for my master's degree. It is so easy to get that money transferred to my overseas account and be done with it, however, I dont want to see a huge tax bill (if there will be any) when I get back to the school later.

Please help.

Most likely your capital gains tax rate is going to be 15%. However, you do have a problem. The transactions made by your cousin are going to be reported under YOUR tax identification number.

[suineg33]

Originally Posted by LdiJ

Most likely your capital gains tax rate is going to be 15%. However, you do have a problem. The transactions made by your cousin are going to be reported under YOUR tax identification number.

Thanks a lot.

Can you provide a little bit clarification on:

How does tax office compute my taxable income? If I sell all of my stocks and get about 60' 000, all 60' 000 will fall under taxable income? Does this mean I am gonna be in much higher tax bracket than 15%?