let's say, I am able to turn 2k - 150k in 1 year through daytrading. How much of that goes to taxes?
2007-05-11 13:28:25 · 5 answers · asked by lucstudent 3 in Business & Finance ➔ Taxes ➔ United States
I have never known a day trader to pay taxes. They all have a loss at the end of the year. To date the record for my clients is $379,000 in losses. Of course he was able to take a deduction for the large fee he paid for me to report all of those losses. The good news is that he will have a short term capital loss for the next 126 years now that he has given up on day-trading. Enjoy your adventure!
2007-05-12 05:54:46 · answer #1 · answered by ? 6 · 0⤊ 0⤋
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2016-02-16 18:57:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Depends on your individual tax bracket. The best thing to do is to consult a tax professional NOT this internet site. GOOD LUCK! :-)
2007-05-11 13:33:18 · answer #3 · answered by JEDI MASTER YODA 4 · 0⤊ 0⤋
If you're truly a day trader, you don't treat your gains as capital gains. They're ordinary income.
2007-05-11 21:17:52 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
if you are single and use standard deduction, you'd pay around $34,000. federal tax if you turned $2,000. into $150,000.
2007-05-11 15:28:33 · answer #5 · answered by Jo Blo 6 · 0⤊ 0⤋