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Depends, Who your broker is? Were you live? I take it that your dealing with one of the Big american brokage frims and you live in the USA. Then in the new year they (your Broker)will send you a 1094 slip showing your capital gains and a copy will go to the IRS. Which you have to claim on your 2006 Taxs. The only way you can advoid paying taxs on income earned playing stocks is to set up an offshore bank acct and brokage acct in some place like Switzerland or Grand Caymans , theres plently of websites that will set you up but make sure you have enough to invest it dosn't come cheap. But sure beats paying taxs on all those captial gains for life.
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Question for you... please don't be offended, this is asked in all sincerity. Those offshore accounts, are they legal? I've heard both ways, so I've always wondered. I don't mind paying taxes if I'm required to, but if I can legally not have to pay some of it, I'd like that. Also, I was debating on this... is it better for me to trade stocks under my LLC name or just under my own name? Or does it matter?
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Warpedmind , are Offshore Accts legal? that depends on your personal situtation and many factors. One factor is your citizenship and were your place of residence another.
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I would say to have a offshore account is legal but you still have to pay taxes regardless for the simple fact that you are a US citizen... offhshore accounts do not excuse you from paying taxes if you live in the U.S. citizen or not.. anyways a good website for tax issues on capital gains etc.. is
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