My roommate and I are low income college students. We are both on serious financial aid and really need it to attend.
We both want to buy some stocks together. Nothing serious, almost just for the experience. We'll probably spend like 100-400$. There's no doubt that that amount is substantial to us, but comparatively, it's pretty small we think.
Anyways, we've never really made enough money to pay taxes or anything. What we want to know, is how capital gains will affect our financial aid offering. We attend a UC and are eligible aid because of our low income. If we buy stocks, get dividends, or decide to sell (at profit) and have to pay the subsequent capital gains tax, how does that affect us?
Obviously, only one of us will be buying it using our combined money. But we've decided to split any taxes that must be paid. The main questions is how this changes our financial aid and to what extent.
We both want to buy some stocks together. Nothing serious, almost just for the experience. We'll probably spend like 100-400$. There's no doubt that that amount is substantial to us, but comparatively, it's pretty small we think.
Anyways, we've never really made enough money to pay taxes or anything. What we want to know, is how capital gains will affect our financial aid offering. We attend a UC and are eligible aid because of our low income. If we buy stocks, get dividends, or decide to sell (at profit) and have to pay the subsequent capital gains tax, how does that affect us?
Obviously, only one of us will be buying it using our combined money. But we've decided to split any taxes that must be paid. The main questions is how this changes our financial aid and to what extent.