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I am very new to investing in the stock market (Just bought Q-bid today) and would like to know a few things. Once you invest in stock, for example $1,000, and you make a profit after you sell that stock, How much do you usually have to pay in taxes for capital gains? Is it 20%? 30%?....Also, If you make a nice profit on a stock, then you sell it and with the profit you buy other stock, will be double taxed? I would like to see if anyone here can enlight me in this issue. I would like to prepare myself to set aside money for taxes in the case I make good profits as I invest. Thanks for any suggestions, comments or guidance. Good luck to all of you..
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this site should answer all your questions.. www.fairmark.com ... you say you are new to trading... have you read any books on how to trade and such? just curious... dont buy a stock blindly based on "tips" ...
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TAXES from "Regular Accounts"(not defferred plans)are due qurterly filed on 1040es and States also that apply. If you have made over $1000 that is unreported get to an accountant that is an enrolled agent. All those 1099's that came in the mail in February that you piled up or threw out were also sent to the Taxing authorities. It is truly surprising how much tax accrues over a quarter. I think this is because the "trade" is an intense short term mental play that is quickly forgotten for the next one. VAN
[This message has been edited by VNGNTN1 (edited April 27, 2004).]
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