Two brokerage accounts - one for long term holds and other for day trading?
Hi Blind, Are there tax consequences if I hold, for example, AMZN long term in one brokerage account like Schwab, and day trade AMZN stock in another brokerage account like Etrade? Would I have to specify "last in first out" accounting somehow so that a tax consequence is not realized with my long term AMZN shares? Thanks.
No consequences, but I think you need to make sure the cost of the sales is from the same account. You can pick which one your cost is from if you do it manually.
Careful not to forget the wash rule for losses if you're focused on one account.
Thanks and noted!
Yes this is important
At the end of year you will receive 1099 from both brokerage account and you report your income based on 1099
Great thanks!
M
Just hold investments for a year to get cap gains
Thanks, yes I hold stocks long term too
thanks all
Day trade in your IRA, no taxes, you’re welcome
Thanks. Eventually I would like to do that, but still working on building capital for immediate use.
do NOT day trade your retirement fund man