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/biz/ - Business & Finance

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19597894 No.19597894 [Reply] [Original]

Alright I took my first step
I now own a single solitary stock
What are some things I should be wary of
The stock is only $3.26
Do I need to pay taxes on this? What am I supposed to report or should I report anything at all?

>> No.19598010
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19598010

>>19597894
Every trade constitutes a taxable event, stupid goy. Keep a log for every trade you make and remember to pay your taxes that supports Israel.

>> No.19598201

>>19598010
Can I ask you one question Senpai?
Im a neet and found this while searching "If your income is lower than $39,375 (or $78,750 for married couples), you’ll pay zero in capital gains taxes." Does this mean as long as my profits are under that threshold I will not have to pay any tax on stock gains

>> No.19598230

i don't know bro i also want answers

>> No.19598276
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19598276

>>19598201
It would be in your best interest to report your trades, the IRS may go back several years and if you are audited pic related

>> No.19598308

>>19598276
So the idea is as long as I never sell I do not have to report but for my own financial safety I should keep the irs in touch with my stocks endeavors

>> No.19598397
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19598397

>>19597894

Tax primer for new frens:
>Every time you sell for a profit/loss that is a taxable event
>End of year profit is greater than loss, you owe taxes
>If you hold for 1 year or more before sell event, you get the lower cap gains rate, otherwise it is taxed in your regular income bracket
>same for dividends
>Unless those dividends are in companies traded on NYSE (read US companies) and you held the stock for at least 60 days of the 90 day quarter
>Then you get qualified dividends tax rate, which is even lower than cap gains rate
>Best to do in an traditional IRA or ROTH, where you don't have to worry about taxes at all until you take money out.
>Canada is similar, but different. Leafs can tell you the differences.
>I cannot, as I am not a leaf.

Copy and paste to your new frens too so we don't have this thread everyday.

>> No.19598623
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19598623

>>19598397
Saved as a txt file for future reference. Im sorry I know these questions get posted everyday Im just a new fag at stocks and I don't want to become like these other anons where they talk about being tens of thousands of dollars in debt like its a tab at their local pizzeria or even worse get fucked by taxes because I misunderstand some rule on tax situations