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Step 1
Determine who issued the shares that you want to sell. Shares of stock will be associated with a stock symbol indicating the company that issued them. There are also identifying designations for mutual fund shares and limited partnerships. You must know what you are selling before you can sell it.
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Step 2
Calculate how many shares you own and are selling. This is not always easy. Shares can change over time. Companies can split stocks, reducing the share price but awarding shareholders more shares to compensate them. Shares can also be consolidated and increase in price while reducing the number of shares. Companies also spin off other companies and give shareholders stock in the new entity. When it comes time to sell your shares, you may own a different number than you originally purchased.
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Step 3
Figure out your cost basis. This is how much you originally paid for your shares. This is often complex since shares are commonly purchased at different times at different prices. The financial institution that you purchased the shares from should be able to tell you your cost basis. It is important to know this for your tax records.
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Step 4
Go to a financial institution that can facilitate the sale of your shares. If the shares are for stocks, you can go to a stockbroker or use an Internet brokerage like E*Trade or TD Ameritrade. If the shares are for mutual funds, contact the mutual-fund company that issued them. If the shares are for a limited partnership, contact the other partners or sell your shares directly to someone with the help of a financial professional.
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Step 5
Sell your shares. Keep in mind that there may be a fee to do this. Stockbrokers and Internet brokerages charge varying amounts, so it pays to shop around. Sales of shares in no-load mutual funds are usually free.
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Step 6
Keep all records of your share sale. This will be very important when you file your tax return at the end of the year. You must pay capital gains on any money you made from the sale of your shares. You can also deduct some of your losses if you sold your shares for less than what you originally paid for them.
