Tax implications of "short-term" trading

[applejr]

Hi all,

Been an off and on reader of this board for a while, but I now have some income and some money to invest so I'm back on board. My question is, can someone give me a rundown on the tax implications of buying and selling pennies. Isn't there a steeper tax rate for stocks held under a year? And do they just tax your profit or do the tax all your sales? Any help/guidance would be greatly appreciated.

Ryan

[greencat]

Originally Posted by applejr

Hi all,

Been an off and on reader of this board for a while, but I now have some income and some money to invest so I'm back on board. My question is, can someone give me a rundown on the tax implications of buying and selling pennies. Isn't there a steeper tax rate for stocks held under a year? And do they just tax your profit or do the tax all your sales? Any help/guidance would be greatly appreciated.

Ryan

My advise for filling taxes is to get a CPA because, yes, there are rules defining about owning over 30 days and such. I am not going to even act as if I know all about the tax situation but my CPA does. I concentrate on making money and the rest takes care of itself.

I hope this helps a little..