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Old 01-04-2018,
adyqo adyqo is offline
 
Join Date: Oct 2017
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Default tax question???

couple of quick questions for those of you who are more knowledgeable than me, so basically everyone here.

let me give a scenario:

-lets say i earn 75k in 2005 in total earnings.

-say i sold stock therefore earning me an additional 2k(no big deal right)

-now let me break down what i sold so i can predict how much of that money i will actually see since i have not yet received my 1099. so of the 2k earnings in the stock market how much should i have set aside from this to cover the income tax. i believe i have heard 15%???

-let me further break down, just hypothetically speaking, in 2005 if i bought stock 100 @ $20/share and sold for $25/share i earn $500 right.
now of this $500 shall i deduct $14(scottrade buy for $7 sell for $7)
so the actual earning is $486
then set aside $73 (15% of $486 income tax)

does this sound right, sorry if i am not explaining clearly enough. and damn, 15% seems high, but i guess if you are paying, then you are making money. oh well.

i just want to form an excel sheet with all these figures so that i don't have any surprises on april 15th.
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  #2  
Old 01-05-2018,
aegoqadsauq aegoqadsauq is offline
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Join Date: May 2017
Posts: 0
Default

You'll pay 15% tax on capital gains on positions held over a year. Gainskeeper under Scottrade shows days needed to satisfy the 1 year mark. If you sell within a year, you pay capital gains on your bracket....in my case 28%...........yours at a glance may be around 24%. I'm no tax guy, but I talk to my tax guy quite often.

I always consider selling losers by the end of the year to counter the gains IF I don't think the dog is going anywhere.

Hope that helps.......but I would encourage paying a few bucks to an accountant/tax pro....will save you in the long run.

Isn't it funny how we pay some guy 15%-20% tip for telling us the dinner specials yet get cheap when paying for professional financial help?

I changed my attitude a few years back and the advice and help has increased my bottom line. And I learned a couple things as well (believe me I need the help somedays)!!
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  #3  
Old 01-06-2018,
aeqyjhjr31 aeqyjhjr31 is offline
 
Join Date: Oct 2014
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I thought Capital Gains was 40%. :lol:

Anyways, a friend of mine, who is a day trader, paid $65k in taxes the first year he started. He forgot to put money aside for taxes, DOH! Now he has tax shelters galore. He's putting his gains into real estate.

You do need to put money aside for Uncle Sam if your income is solely on Day Trading, or find some tax shelters and a good tax accountant.
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  #4  
Old 01-08-2018,
afarley74Grind afarley74Grind is offline
 
Join Date: Mar 2017
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I believe the commission is ignored, not built into the price. So if you bought for $1,000 and sold for $1,100 then you would be taxed on a $100 gain regardless of what your buy and sell commissions were.
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  #5  
Old 01-08-2018,
aesterstl aesterstl is offline
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Join Date: Oct 2017
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The trading costs are normally already factored into the gains. YOu should see it on your 1099. As for short term capital gians tax, stocks held less than a year, is taxed at your current tax bracket. At 75K I think you are in the 30% bracket....not sure though because I'm not a tax consultant. You are only taxed the 15% on long term capital gains.
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