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Taxable Accounts Unlike an IRA or a 401(k), with a brokerage account, you can withdraw your money at any time, for any reason, with no tax or penalty.
Your income or loss is the difference between the amount you paid for the stock (the purchase price) and the amount you receive when you sell it. You generally treat this amount as capital gain or loss, but you may also have ordinary income to report. You must account for and report this sale on your tax return.
In a word: yes. If you sold any investments, your broker will be providing you with a 1099-B. This is the form you'll use to fill in Schedule D on your tax return.
Can you pull money out of a brokerage account? Yes, you can pull money out of a brokerage account with a bank account transfer, a wire transfer, or by requesting a check. You can only withdraw cash, so if you want to withdraw more than your cash balance, you'll need to sell investments first.
If you sell units, shares, or securities for which you were issued an information slip, you will have to report a capital gain or loss. See Publicly traded shares, mutual fund units, deferral of eligible small business corporation shares, and other shares.