I invest a substantial amount of money in the stock market. Do I have to pay taxes on my gains?

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Having investments or buying stocks in and of itself is not necessarily a taxable event. However, once you dispose or sell your stock then you generate a taxable event and will be subject to capital gains taxes.

You want to know whether you’re dealing with long-term capital gains, in other words, assets that you’ve held for a year or longer, or short-term as the tax rates differ. You also want to consider whether we’re dealing with a tax advantage account and that’s why it’s important to work with a professional who will help you determine the most efficient way to report and pay taxes on these capital gains.