LogFAQs > #949378598

So question for people who have been trading long enough to know how taxes work with stocks. I made about 30k last year from 10-15k (slowly deposited more throughout the last half of the year), but I bought and sold almost a million dollars worth of stocks and my adjusted gains in my cost basis is super low, around 6%. Is this...good for my taxes? I figure having an adjusted gain that low has to be better for taxes than the 200-300% I actually made, right?

I've been worried that I made so much money, I would end up having to pay a huge chunk of that back for taxes. It might also be worth noting I made significantly more money in the market than at my job last year, as my normal income will probably be under 20k.

Adjusted gain could be totally irrelevant here and I will still owe money, but the low percentage gave me hope! Any help is appreciated. I'm probably gonna have to get a tax guy for the first time ever.

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- Blur -
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