[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 28 KB, 859x638, financial milestones.png [View same] [iqdb] [saucenao] [google]
371945 No.371945[DELETED]  [Reply] [Original]

i want to open a brokerage account the only thing that stops me is the taxes. I live in the US and from my understanding you have to pay tax on capital gains and all that what I'm confused about is who reports it and if the initial deposit is taxed as well.

do i have to go through each and every transaction i've ever made or will the broker handle that and send it to the its?

>> No.371949

>>371945
The broker should give you something at the end of the ear that YOU then include when you file your taxes. The initial deposit isn't taxed since the money was already taxed when it was earned.

>> No.371950

>>371949
*year

>> No.371960

>>371949
is the purchase of the actual stocked taxed as well or is it only the gains?

>> No.371961

>>371949

It depends. If you are trading, you are expected to pay estimates quarterly. But if you are just throwing $10K in an ETF, then you would file annually.

I file quarterly estimates. My Broker emails a copy in which I can print, or will mail upon request for $2.