Men,
I have a question ;
How do I pay taxes on the profits I make from my stock transactions. Will Scottrade provide me with a breakdown?
I just started doing this 3 days ago.
Example:
I purchase a stock @ 3 and 2 days late sell it @6 . . . .how do taxes work with this?
Thanks again, and I apologize for the stupidity of this question.
so lets say i made 2k in profits from sales this year, but i have a stock that i am holding onto that is down 1.5k, so would i have to sell that off take the loss so that i only have to pay taxes on 500? and if i don't sell it would i have to pay taxes on the whole 2k?
so lets say i made 2k in profits from sales this year, but i have a stock that i am holding onto that is down 1.5k, so would i have to sell that off take the loss so that i only have to pay taxes on 500? and if i don't sell it would i have to pay taxes on the whole 2k?
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