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How do taxes on investments work for someone who is unemployed in Florida...?

How do taxes on investments work for someone who is unemployed in Florida...?

Postby edom » Sat May 18, 2013 12:07 pm

I had money saved up from a year ago. Recently, I bought Cmg at 220 and sold at 295. Im using the proceeds to buy books and food, which thankfully are not taxed. The only thing that pains me is how money is taxed virtually infinitely. My money is growing slowly, but I have to stake a huge amount each time to turn a profit. I was considering penny stocks but heard it is virtually impossible to sell them once they are too high in value. And how would you find insider trading reports ?
edom
 
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How do taxes on investments work for someone who is unemployed in Florida...?

Postby ren » Sat May 18, 2013 12:18 pm

I had money saved up from a year ago. Recently, I bought Cmg at 220 and sold at 295. Im using the proceeds to buy books and food, which thankfully are not taxed. The only thing that pains me is how money is taxed virtually infinitely. My money is growing slowly, but I have to stake a huge amount each time to turn a profit. I was considering penny stocks but heard it is virtually impossible to sell them once they are too high in value. And how would you find insider trading reports ?
For federal purposes, you have a gain of $75. This is income and reported on schedule D as a sale.

Since these are short term gains, they are taxes the same as wages. This is NOT income reportable to unemployment, but if you spend all your time day trading, you may lose the right to claim unemployment since you aren't looking for a job.
ren
 
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Joined: Tue Oct 30, 2012 4:21 am


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