ABW Stock Exchange: All Things Investing

LCA keeping me positive even on a day like this. Cant be mad at that.

I fucked around and bought more apple and tesla. If it goes down again tomorrow, ill fuck around and find a way to buy more.

Ended up buying more stocks this month than i planned too
 
Tax question:
Do I pay taxes when I sell a stock and convert it to cash that stays in my account (and likely gets reinvested)? Or just when I withdraw the cash?
 
Rubato said:
Tax question:
Do I pay taxes when I sell a stock and convert it to cash that stays in my account (and likely gets reinvested)? Or just when I withdraw the cash?
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You pay taxes everytime. You can open an IRA account which will help you avoid paying taxes on stock sales, and that way you will only pay taxes when you withdraw money. Issue there is you cant touch that money till 60.
 
AZTG said:
You pay taxes everytime. You can open an IRA account which will help you avoid paying taxes on stock sales, and that way you will only pay taxes when you withdraw money. Issue there is you cant touch that money till 60.
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Damn, so they can tax my same dollar twice? Fucked up
 
Rubato said:
Damn, so they can tax my same dollar twice? Fucked up
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Not really cause they can only tax your gains once.

This might get confusing cause its hard to explain.

Lets say you invest $100, and sell at a 20% gain. Thats $20, and you get taxed at about 20% for short term, so thats $4 you pay to taxes.

Now lets say, you invest that $20 into something new, and you sell that at 20%. Even though that $20 was all profit, you already due to pay taxes on that ($4 end of the year), you only need to pay taxes on the gain you made the second time. So 20% of 20 is $4. Now you only owe taxes on the $4 gain you made this time around.

So they only taxing your made dollar once
 
AZTG said:
Not really cause they can only tax your gains once.

This might get confusing cause its hard to explain.

Lets say you invest $100, and sell at a 20% gain. Thats $20, and you get taxed at about 20% for short term, so thats $4 you pay to taxes.

Now lets say, you invest that $20 into something new, and you sell that at 20%. Even though that $20 was all profit, you already due to pay taxes on that ($4 end of the year), you only need to pay taxes on the gain you made the second time. So 20% of 20 is $4. Now you only owe taxes on the $4 gain you made this time around.

So they only taxing your made dollar once
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So I read this once

Ima reread it later today and get back to you
 
Rubato said:
So I read this once

Ima reread it later today and get back to you
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Lmao. Shit would have been easier to explain and understand if I used different numbers and not the same 20% gain for $20, which gets taxed at 20%.

Ill try another crack at this after workm
 
AZTG said:
Lmao. Shit would have been easier to explain and understand if I used different numbers and not the same 20% gain for $20, which gets taxed at 20%.

Ill try another crack at this after workm
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Now that I got some THC in me that makes complete sense. They skimming off the top of every profit but not the rest.
 
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