Posts tagged trading
Capital Gains for Stock trading? Should I try and seek a loss before Dec 31st?
Mar 2nd
How does the capital gains tax for stock trading work? I heard that you can deduct $3000 of your stock losses against your income when calculating your annual income tax. What I am not clear is the following:
1. If I started trading in stocks beginning July 07 and had a net gain of $1700 for the year, would it be better for me to keep this as a gain and get it taxed or should I realize some losses to clear out this gain (I have some stocks on my portfolio which are down, but I have not realized it as it is not sold).?
2. If my net losses are only $1 for the year from stock trading, would I be able to deduct $3000 against my total income or would I be able to deduct only the loss of $1?
Wise to create an LLC solely for the purpose of holding and trading securities.?
Mar 2nd
I currently have a personal e*trade account. I would like to create a limited liability company whose sole purpose is to invest my money in securities-stocks, bonds, mutual funds. My personal e*trade account would be transferred to a new business account. Besides the asset protection, what are the other advantages to doing this. And of course, what are the disadvantages? Is this even possible? Legal? I know I should seek a tax attorney or accountant, but just a little advice would help me initially.
