Question from a friend…

Question

I did not know how to answer this, so figured I would bring it here. A friend of mine has been on an absolute heater… has taken his account from $2000 to $50,000 in a few weeks. Don’t ask me what he’s playing or for how much, because I have no clue. Ha!

He asked me what he should do as far as withdrawing it. Easy answer is obviously take it and run. But in all honesty, how does that work? What does he need to do? He will obviously be taxed on it, correct? Are there any ramifications for taking it all out?

Would love to know.

Thanks!

Q_the_money · Answer

I did not know how to answer this, so figured I would bring it here. A friend of mine has been on an absolute heater… has taken his account from $2000 to $50,000 in a few weeks. Don’t ask me what he’s playing or for how much, because I have no clue. Ha!

He asked me what he should do as far as withdrawing it. Easy answer is obviously take it and run. But in all honesty, how does that work? What does he need to do? He will obviously be taxed on it, correct? Are there any ramifications for taking it all out?

Would love to know.

Thanks!