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Current Events > If you day trade stock, do you have to pay tax on it?

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Orlando_Jordan
02/24/21 5:03:34 PM
#1:


For example, if I hypothetically bought 1 share of GME at $150 and sold it at $160, would I end up paying tax on the $160 and end up making no money?

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Squall28
02/24/21 5:04:23 PM
#2:


You'll prob make like $7.

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The Trent
02/24/21 5:04:55 PM
#3:


just about every time you make income you are supposed to pay tax on it

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BignutzisBack
02/24/21 5:05:07 PM
#4:


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ROOTFayth
02/24/21 5:05:40 PM
#5:


youd be taxed on the profit, so taxed on 10 dollars
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Orlando_Jordan
02/24/21 5:05:52 PM
#6:


Squall28 posted...
You'll prob make like $7.
So if I buy 100 shares at $150, change my mind and sell them at $150, I'll lose like $300?

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ROOTFayth
02/24/21 5:06:36 PM
#7:


no, there is no gain and no losses
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Orlando_Jordan
02/24/21 5:06:44 PM
#8:


ROOTFayth posted...
youd be taxed on the profit, so taxed on 10 dollars
Thank you.

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Master_Bass
02/24/21 5:07:33 PM
#10:


BignutzisBack posted...
You only pay taxes on gains
This but you have to report loses too. It's benefical to you to report capital loses anyway.

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Giant_Aspirin
02/24/21 5:07:43 PM
#11:


as others have said, you pay tax on the gains. if you lose money on stocks, that counts as a loss, or negative income.

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ToPoPO
02/24/21 5:08:32 PM
#12:


If you don't make $10,000 yearly income you don't pay tax
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AngelsNAirwav3s
02/24/21 5:09:21 PM
#13:


Master_Bass posted...
This but you have to report loses anyway. It's benefical to you to report capital loses anyway.

You can usually carry over the losses for a few years. So if you got your ass kicked in the stock market in 2019 and lost $5,000, but in 2020 you picked winners and made $7,000, you will only pay taxes on the $2,000.

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Orlando_Jordan
02/24/21 5:18:09 PM
#14:


ToPoPO posted...
If you don't make $10,000 yearly income you don't pay tax
Who the doesn't even make $10K a year?

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2Pacavelli
02/24/21 5:18:32 PM
#15:


Only if your total yearly salary is above 40,000
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Serious Cat
02/24/21 5:21:34 PM
#16:


2Pacavelli posted...
Only if your total yearly salary is above 40,000
Short-term gains are taxed as regular income.

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Robot2600
02/24/21 5:24:09 PM
#17:


It's also worth noting that everyone already gets a 2000 dollar deductible, so if you lose less than 2000 dollars it doesn't provide any tax incentive.
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Solid Snake07
02/24/21 5:24:34 PM
#18:


Of course

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