Ep 145: Tax Basics and Tips for Stock Market Traders & Investors

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Posted at: http://tradersfly.com/2017/07/ep-145-tax-basics/

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40 COMMENTS

  1. You forgot to tell people that if you owe more than a 1,000 dollars to the IRS at the end of the year you will be penalized by the IRS. So, if you start trading and making a decent amount of money you have to send the IRS 20% on what you made every quarter because taxes are not being taken out and the IRS doesn't want to wait till the end of the year to get piece of your pie.

  2. Hi, i'm not from USA but my question is:
    Are all this taxes which you mentioned (div. tax, gain tax…) are automatically taken via the brokerage firm during the whole trading or investing period or you personally file the IRS tax forms every each quarter or annual depend on you laws , or the brokerage firms take only part of the taxes and you have to declare the rest to IRS? Thanks in advance

  3. I have a question? What does it means when you have these on summary short term gains or losses report on form 8949 that I received on robinhood 1099.

    Proceeds: $956,527.29
    Cost basis: $973,999.17
    wash sale loss disallowed: $19,591
    Realized Gain or (loss): ($17,471.88)

    It means i have $17,471.88 loss? it's that correct?
    thanks

  4. So. I'm looking into day trading cryptocurrencies. Would it be wisest to start a savings account associated with the account I'll be cashing out into, and transferring all of my gains into that separate savings account so that I can easily claim it on my taxes at the end of the year? Just leave the money sitting there all year, and wait until after I've filed taxes for the year to pull it out and use it?

  5. you should mention if you swing trade on your traditional ira account, you won't be paying any taxes on your profit on any year you make a profit until your 59.5 year old. That's when you will withdraw your money and your tax bracket will be based on the amount you take out from your ira account if that is only your income when you withdraw at 59.5.

  6. Thank you for the info. I have been trying to learn to day trade using Robinhood because of the no commissions thing. Been doing it for about a year. But after watching this video I'm scared I've screwed a lot of things up. I've made hundreds of trades, sometimes in and out of the same stocks. My taxes are going to be a mess! 🙁

  7. Great video Sasha! Most people won't get near this topic because it is so specific to each person. This was very well put together to get someone working in the right path to figuring out these issues. Side Note: I got hit with a wash sale even though I made money on the trade. This is because of the first in first out rule. I built a position over time and lowered my avg. I then sold for a profit and bought back in minutes later at a better entry price. While learning I inadvertently did this twice on the same ticker. I got hit with a wash sale even though I made profit because my first "batch" of shares were at higher value than the value I sold at even though overall average was lower. An important note that many will learn by accident. Closing out a trade on a profit does not always mean you won't hit a wash sale getting back into the same ticker. All at the same time this raised my positions cost basis from 2.07 a share to 2.30 a share. I am still wrapping my head around that part as I continue my education about this. Thought I would share. Thanks again for a great video and informational starting point.

  8. You should warn your listeners about the special taxes on commodity and volatility ETFs, which apply even in an IRA. For example, the gains on the gold ETF, GLD are subject to this tax, but the gains on the gold miners ETF, GDX are not. Also any options traded on these funds don't seem to be subject to these taxes. I learned this the hard way from my tax accountant.

  9. Thanks for the great video! I do all of my trading in an IRA brokerage account. I assume that rules like 429 and 1256 don't apply in an IRA, and that there's no difference between long and short term gains. Am I right?

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