Dealing wirh Robinhood taxes
Would like to buy some stocks, but 33% taxes on the gains deter me from doing that. How do you get around the substantial burden this supposes? I thought about buying the stocks via a close third party (family) who doesn't earn a salary hence would be taxed lower. Ideas? #stockmarket #taxes
You can also pay $0 taxes with that strategy when that family member runs away with you money.
You have an interesting family Sir
You haven’t lived long enough ma’am. Hurts worse than the loss of the money.
Ideas: long term capital gains
Thanks, one good input. So no way for short term trading, I see
Shouldn't short term trade anyway unless you are trying to lose money to lower your taxes. You can write off 3k cap loss per year
1) Never sell 2) If you do sell, sell after 1+ year
Depending on the value, I wouldn't try money laundering at federal scale...esp now as the IRS will be out for blood. Go long term and hope biden doesn't pass his 40% capital gains tax
It’s for capital gains of $1m+
Taxes apply to short term trading profits. If you dont want to owe taxes, you could adopt a buy high sell low strategy, really stick it to the IRS....show them who's boss.
False
Whaddaya mean "false" ? my strategy (for OP) is sound....if he loses money on his trades, no taxes owed. It's a lot better than his idea of giving family members money to trade stocks on his behalf. That has disaster written all over it....
Wait will Biden increase capital gains tax to 40%? Oh man...
On the other hand, if you have losses you can't deduct it at 33 percent rate. And you will have to deal with gift tax rules or prove that it wasn't a gift to irs. I'd strongly advise against this idea if you want peace of mind. If you do invest in family member account, keep it under 10k.
Buy, hold, and never sell. For better results, buy BRK.B, hold, never sell, and never pay dividend tax drag.
You have to pay taxes for Robinhood trades???? Why is this not in their T&Cs? I will never financially recover from this!
67 of 100 is still better than 0.
The best way to summarize it. I still dont understand why people put taxes as a concern to not invest in stock. I guess some people just dont know basic financials
You see, I want free money, but not if I could have had more of it instead of giving it to poor people