I have cash and funds in paypal, but I don't have a savings account. I guess I can set one up real quick but I'd rather pay my credit card bill with cash to pay for stocks that I buy with a credit card. ok?
I want to buy about $600 of aliBABA's 1st day IPO in a couple weeks and I want $600 of QQQ.
I don't plan on trading anything else for at least a year except maybe 5 entries and 5 exists that I just might not to be able to resist because I still have a lot to learn. Please don't turn this into an anti BABA/QQQ lecture. But, in other words, I'm looking for which broker (Scottrade, etrade, thinkorswim etc) would give me the best deal on commissions etc if I only place these two buys for $600 each and then two more exit orders on thems in a year or so. And then maybe 5 other entries and 5 exits. BABA is NYSE QQQ is nasdaq, the 5 entries and exists might be OTC penny stocks, but if I should get another broker like suretrader to find shares for some of these OTCs/pennies, then I'll just go with whatever's best for just the BABA and QQQ long term entries.
So, about this tax thing, I think if I hold these for more than a year, I'm eligible to pay less % tax if I profit. But forgive me for asking such a seemingly simply question, but how do I go about paying taxes on these in plain English? Will they deduct them when I cash out and it's all done for me? I've never had to file taxes before. I know I can not write off tax deductible expenses like my computer etc because I'm not 'trading for a living...', but if I have to figure out the taxes all on my own or get a CPA, I imagine it would be simple for only two transactions, no? Will they send me a form asking me to do my taxes or do they not give me any notice and I have to do this I tax season or a certain time frame or something?
Thing is I'm unemployed right now off the books but I'm getting a 1099 job sometime this year. I'm off the obomacare radar until I file taxes (which will be required for the 1099 job within a year), then obomacare will fine me like $50 a year if I don't pay for obomacare.
If I buy stocks now and not sell them for a year, do I have to file taxes on them before I sell them? If I do sell them within this year, I guess it doesn't matter about the obomacare fine because I'll be filing my 1099 taxes anyway. Anyone get what I'm getting at and can help with that?
thanks.
I want to buy about $600 of aliBABA's 1st day IPO in a couple weeks and I want $600 of QQQ.
I don't plan on trading anything else for at least a year except maybe 5 entries and 5 exists that I just might not to be able to resist because I still have a lot to learn. Please don't turn this into an anti BABA/QQQ lecture. But, in other words, I'm looking for which broker (Scottrade, etrade, thinkorswim etc) would give me the best deal on commissions etc if I only place these two buys for $600 each and then two more exit orders on thems in a year or so. And then maybe 5 other entries and 5 exits. BABA is NYSE QQQ is nasdaq, the 5 entries and exists might be OTC penny stocks, but if I should get another broker like suretrader to find shares for some of these OTCs/pennies, then I'll just go with whatever's best for just the BABA and QQQ long term entries.
So, about this tax thing, I think if I hold these for more than a year, I'm eligible to pay less % tax if I profit. But forgive me for asking such a seemingly simply question, but how do I go about paying taxes on these in plain English? Will they deduct them when I cash out and it's all done for me? I've never had to file taxes before. I know I can not write off tax deductible expenses like my computer etc because I'm not 'trading for a living...', but if I have to figure out the taxes all on my own or get a CPA, I imagine it would be simple for only two transactions, no? Will they send me a form asking me to do my taxes or do they not give me any notice and I have to do this I tax season or a certain time frame or something?
Thing is I'm unemployed right now off the books but I'm getting a 1099 job sometime this year. I'm off the obomacare radar until I file taxes (which will be required for the 1099 job within a year), then obomacare will fine me like $50 a year if I don't pay for obomacare.
If I buy stocks now and not sell them for a year, do I have to file taxes on them before I sell them? If I do sell them within this year, I guess it doesn't matter about the obomacare fine because I'll be filing my 1099 taxes anyway. Anyone get what I'm getting at and can help with that?
thanks.
