Hi everyone,
I'm currently 17 years old and have about $20,000 invested in a mix of stocks and ETFs, all held in a custodial brokerage account. I also have earned income from a job. I'm looking for advice on how to minimize tax implications, especially if I choose to liquidate and reinvest my holdings.
If I were to sell my investments now, would there be any significant tax consequences? Also, is there any advantage to making moves before I reach the age of majority (18 in my state)?
Just to clarify I’m planning to reinvest the entire $20K, I just want to do it in the most tax-efficient way possible. Any insight or suggestions from those with experience would be greatly appreciated!
Thanks in advance!