I've been working for a small company being paid under the table for a good while. I was wondering how they go about taxing the capital you've made from trading stocks.
Also, is it possible for me to buy and sell a stock within the same day? Say I want to buy at a low, and just sit back and watch the stock climb for a few minutes then sell... is that possible?
Thank you, guys.
I'm only investing $500 but I'd still rather not lose it.
Online brokerages charge a transaction fee, so doing many small transactions is very inefficient, even if you can make money. You might find that you've spent all day hunched over your console making less than minimum wage.
I have the same questions as OP and plan to invest the same amount soon. Is same day trading available on Robinhood? How does someone withdraw that money? Does it go to your bank account? Noob here. Thank you in advance for the knowledge.
OP here. I bought 150 shares of AMD at $2.90 a share.
Robinhood works exactly like PayPal.
They make money from your money laying around in their accounts and gaining interest.
You can withdraw straight to your bank account but it takes a few days to "process".
Still wondering about taxes and day trading.
Do I have to file no matter how much I've spent and made?
yeah, you still pay fees with robin hood its just hidden. ill happily sell you stock at no commission ill just show you a slightly worse price for the stock and collect my money that way. you fuckers are getting gouged and you act like theyre doing you a favor lol
>Do I have to file no matter how much I've spent and made?
Yeah, although they don't give a fuck whether you report it if you lost money. The real bitch is that trading the same stock will lead to the SEC disallowing most of your your losses, and taxing the full value of your profit (if any).
Of course, if you can't trade on margin (like RH), you're somewhat protected, as settlement periods will make it harder for you to violate the rule.
>be me, as opposed to some other faggot
>use TD Ameritrade
>$10 commission for each buy and sell
>trade options, margins, futures, etc.
>god-tier customer support
>helps me with the tax reports each year
If you do $500 or more in a single transaction, $20 to buy and sell is only 4%. Higher, it's even less. I might switch to RobinHood once it gets its affairs in order, but until then I'm paying for a reason.
>I'm not paying $35 to invest $10.
Yeah,the thing is, no one "invests" $10.
You're either trying to trade, in which case $10 is still too little, or you're just gambling, in which case RH is perfect for you.
Lol, what a loser. I bet your woman cucks you. When did it all go downhill for you? I bet you're black too,since you're so monkeydumb. Lol, ya you probably are
Hahaha. Everyone laugh at the nigger
Robinhood offers cash accounts only at this time. This means that when you sell, you have to wait 3 business days to use that money again to buy.
You can sell a few minutes later if you want. Pattern day trader rules only apply to margin accounts, not cash accounts, so go nuts
Btw the only fees is that you don't get paid interest on unused cash on deposit
Started this last month and using options express as they're $9 a trade flat so works well as a beginner. Pretty sure it's not taxable income until you withdraw from the account since it's not officially "income" yet. Just claim withdraws as untaxed income and they'll gladly tax it upon tax time.
Bruh have you ever heard of the concept of a limited sell?
Why are you fucking shilling here?
Yeah, you have no idea what you're talking about, "bruh".
I don't give a fuck what kind of orders you invent, RH doesn't give you access to the pre or after market.
Which means your positions are fucked if they move then, because you can't touch them.
What an idiot.
I honestly don't know what you are talking about. I'm about to get my bank approved on RH when I get the micro transactions verified.
Why would you care about pre or after market? It opens at 9:30 and closes at 4 fAm
>I honestly don't know what you are talking about.
>Why would you care about pre or after market?
What are you going to do when your stock crashes at 4:30pm? Cry because RH won't let you sell?
That will be your only option.
Why would you pay out cash in the form of losses if you're "just learning"?
Wouldn't it be smarter to use a paper trading program?
But I guess you couldn't pay RH any money that way.