Research how you'll be taxed post-MOASS
$AMC Entertainment(AMC.US$
If you're like me and you only started trading to become a diamond hand ape you could be aloof or afraid of how much the IRS will take once we get our due. Please anyone more experienced chime in.
From what I've read the IRS only calculates your earnings from stock whether it was a loss or gain. Earnings are recorded in a 1099-B form (or alternate 1099 forms if you are doing more than selling simple stocks.) The IRS can take up to 22% of earnings dependent on other factors.
Keep this in mind when the MOASS hits to move forward tactically with your earnings.
Good Day Apes
If you're like me and you only started trading to become a diamond hand ape you could be aloof or afraid of how much the IRS will take once we get our due. Please anyone more experienced chime in.
From what I've read the IRS only calculates your earnings from stock whether it was a loss or gain. Earnings are recorded in a 1099-B form (or alternate 1099 forms if you are doing more than selling simple stocks.) The IRS can take up to 22% of earnings dependent on other factors.
Keep this in mind when the MOASS hits to move forward tactically with your earnings.
Good Day Apes
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OSU4Life : If you been holding for 12 months + it is my understanding your investment is considered a long term investment and that = 15% capital gains tax
Anything less that 12 months is short term and that is based on your normal tax brackets that are much much higher
John 3 16 : True, I had to borrow 15K from my family to pay taxes for my capital gains in 2021.
Mindfield : This is the kind of posts we need , poor millionaires are us ..... beautiful
deadcents OP OSU4Life : so with this ruling if you buy at different times like say I have amc stock from 2021 but I might want to buy today or tomorrow. Are they all under the same umbrella or are they treated differently time wise?
Big Dipper 2 MOOn OSU4Life : Long-term capital gains taxes go higher than 15% after a certain point, but still better than the regular tax brackets
Big Dipper 2 MOOn deadcents OP : Depends on which shares are paired up with the sells by the brokers. FIFO (First In First Out) is the common default unless the brokers let us pick something else and we make that choice. Meaning the shares bought first would most likely be used to calculate profits/losses