The basic steps to sell stock on Charles Schwab

To sell stock on Charles Schwab, log into your account, find the stock in your portfolio, click the sell button, enter how many shares you want to sell, review the order details, and submit. The sale executes during market hours (9:30 a.m. to 4 p.m. Eastern time on weekdays) or gets queued for the next market open if you place it after hours. Your cash arrives in your account within two business days, though you can use it to buy other investments immediately.

The entire process takes about two minutes once you're logged in. Schwab charges no commission on stock sales, so you keep all the proceeds minus any taxes you owe on the gain.

Key Takeaways

  • Stock sales execute during market hours (9:30 a.m. to 4 p.m. Eastern, weekdays only) at the current market price, or queue for the next market open if placed after hours.
  • You can sell all shares at once or specify an exact number of shares to sell from a larger position.
  • Cash from the sale settles in your account within two business days but is available to reinvest immediately.
  • Schwab charges no commission on stock sales, but you are responsible for reporting any capital gains to the IRS.

Where to find the sell button in your Schwab account

Log into Schwab.com or the Schwab mobile app. Navigate to the Positions tab or Portfolio section — this shows all the stocks you own. Find the stock you want to sell and click on it. A detail panel opens showing the current price, your cost basis, and your gain or loss. Look for a Sell button (usually blue or green) near the top of that panel.

On the mobile app, the Sell button appears at the bottom of the stock detail screen. If you do not see it immediately, scroll down. The button is always present for stocks you own; if it is grayed out or missing, the stock may be restricted (held in a retirement account with withdrawal limits, for example).

Entering the number of shares and order type

After clicking Sell, Schwab asks how many shares you want to sell. You can enter a specific number or click "Sell All" to liquidate the entire position. If you own 150 shares and want to sell only 50, type 50 in the quantity field. Schwab will not let you enter a number larger than what you own.

Next, you choose an order type. A market order sells your shares immediately at the current market price — this is the default and what most people use. A limit order lets you set a minimum price; the sale only happens if the stock reaches that price or higher. Limit orders can take days or weeks to fill, or may not fill at all if the price never reaches your target. For most situations, market order is simpler and faster.

What happens after you submit the order

Once you click Submit or Confirm, the order goes to the market. If you placed it during market hours (9:30 a.m. to 4 p.m. Eastern, Monday through Friday), it executes within seconds to a few minutes at the best available price. If you placed it after hours or on a weekend, it queues and executes at the market open the next trading day.

You will see the order status in your account under Orders or Activity. It shows as "Filled" once the sale is complete. Your Positions tab updates to reflect the reduced number of shares (or shows zero if you sold all of them). The cash from the sale appears in your account's cash balance within two business days, but Schwab lets you use it to buy other investments right away — you do not have to wait for settlement.

Understanding settlement and when you can use the cash

Stock sales settle in T+2, meaning two business days after the trade date. If you sell on a Monday, the cash settles on Wednesday. If you sell on a Friday, it settles on Tuesday (skipping the weekend). Holidays also extend the settlement window.

However, Schwab credits the cash to your account immediately for buying purposes. You can use it to purchase other stocks, funds, or bonds the same day you sell, even though the cash has not technically settled yet. This is called buying power, and Schwab extends it to you automatically. The only restriction is that you cannot withdraw the cash to your bank account until settlement is complete.

Tax reporting and capital gains

When you sell a stock for more than you paid for it, you owe capital gains tax on the profit. Schwab does not withhold this tax or pay it for you — that is your responsibility. At the end of the year, Schwab sends you a Form 1099-B showing all your sales and the proceeds. You use this to calculate your gain or loss and report it to the IRS on your tax return.

If you held the stock for more than one year before selling, the gain is taxed as a long-term capital gain, which usually has a lower tax rate than ordinary income. If you held it for one year or less, it is a short-term capital gain and is taxed at your regular income tax rate. Keep records of when you bought the stock and what you paid for it — Schwab shows this in your account history, but having your own records makes tax time easier.

Selling partial positions and managing multiple lots

If you bought the same stock at different times and prices, you own multiple lots. When you sell, Schwab lets you choose which lots to sell. This matters for taxes: if you bought 100 shares at $10 and 100 shares at $20, selling the cheaper lot first means a bigger gain and more tax. Selling the expensive lot first means a smaller gain.

To specify which lot to sell, look for an option like "Select Lots" or "Specific Lot Identification" when you enter the sell order. Not all Schwab platforms show this option by default — you may need to click an Advanced or More Options button. If you do not select a specific lot, Schwab uses FIFO (first in, first out), meaning it sells the oldest shares first. For most investors, this is fine, but if you want to minimize taxes in a given year, choosing specific lots gives you control.

Frequently Asked Questions

Can I sell stock after the market closes?

Yes, you can place the order anytime, but it will not execute until the market opens the next trading day. If you place a market order at 8 p.m. on a Monday, it queues and sells at the market open on Tuesday morning at whatever the price is then — you do not control the price. If you want to sell at a specific price outside market hours, use a limit order instead.

What if I want to cancel a sell order before it executes?

If the order has not filled yet, go to your Orders section and click Cancel. This works for orders placed after hours or during market hours if the stock is moving slowly. Once the order shows as Filled, it is too late — the sale is complete and you cannot undo it. You would have to buy the shares back separately.

Do I pay a fee to sell stock on Schwab?

No. Schwab charges no commission on stock sales. You keep all the proceeds except for taxes owed on any capital gain. Some stocks may have a small regulatory fee (a few cents), but this is rare and set by regulators, not Schwab.

What if the stock is in a retirement account like an IRA?

You can still sell the stock, but the cash stays in the retirement account — you cannot withdraw it to your bank account without penalties and taxes. The sale process is the same; the cash just sits in your IRA's cash balance until you reinvest it or reach retirement age. Selling within a retirement account does not trigger capital gains tax, but withdrawing the money does.

Can I sell a fractional share?

Yes. If you own 10.5 shares, you can sell all 10.5 shares or just the 0.5 fractional share. Schwab handles fractional shares the same way as whole shares — no extra fees or complications. The price you receive is based on the current market price per share, applied to whatever fractional amount you sell.