I'm really sorry for asking such stupid questions but I am just just getting started in swing trading and was wondering how to manage capital gains/losses when I can potentially make dozens of trades over the year. These are my questions:
1. Do I file these gains/losses once a year when I do my taxes or must I submit them to the IRS quarterly?
2. I am concerned about how to keep track of all the individual trades that I expect to make. I have an account with ChoiceTrade...will I get a summarized account of all my trades that I can give to my accountant or must I keep track of every gain/loss individually?
Thank you in advance for any help.
Posts: 1 | Registered: Jul 2005
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Choicetrade is very good when it comes to giving you records.. they send you by snailmail a record of all buy and sell of you trades as well as a email record of it in your "mailbox" in your online account.. and periodically (like every 3 months) send you a accounting as well.. anyways this site might answer questions for you..
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btw, can someone confirm this. If you're single, no dependences (except yourself), does tax on a capital gain equate to roughly 1/3, or 30 percent?
-------------------- "I sell ice in the winter, i sell fire in hell, I AM A HUSTLA, BABY, i sell water to a well!" Posts: 445 | From: Alief, TX | Registered: Feb 2005
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you're best off asking (1) the IRS--when you call that 1040 number? they don't ask id questions (2) a tax professional, CPA, atty, even "H&R Block" type operations.
lol, you can't plan your taxes via "somebody" on a message board....good luck
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