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+---- Thread: Ouch (/showthread.php?tid=10593)
Ouch - Breand - 03-01-2012
Last night I learned how nasty getting legitimate sized profits from day trading can be on your tax bill.
Re: Ouch - Vanraw - 03-01-2012
Breand Wrote:Last night I learned how nasty getting legitimate sized profits from day trading can be on your tax bill.
yep.... aint no 15% there
. Also the wash act can hurt, which is why I posted the leveraged ETF list. I understand as long as the ETF is different core, then it isnt impacted by the Wash. On a side note. Paying taxes on stock gains makes me happy. Because it means I made money........
Re: Ouch - Grieve - 03-01-2012
I'm still struggling with my taxes - call spreads are complicated.
This year I'm only trading in my IRA.
Re: Ouch - Jakensama - 03-01-2012
Fortunately you will have a gambling loss to write off...
Re: Ouch - Breand - 03-02-2012
I use Turbotax and sharebuilder and it will automatically import your info...very little work on your end you have to do.
Re: Ouch - amins - 03-03-2012
Does it cost more to trade w/ your IRA / 401k Accounts?
I know that w/ my RRPS (401k in canada) they charged significantly more per trade / leg per Option / Stock.
Sure as heck wasn't 9.99. I think it was something like $30 per leg... Made Spreads ~Expensive~
Just curious cuz i dont' have a 401k accont down here in the states yet and am just now building it up.
Re: Ouch - Vanraw - 03-03-2012
my experiance is the cost of a trade is based on the company you use. So I have a Etrade IRA and my cost to trade is the same as my normal account. There are alot of brokers out there that screw people over with trade cost though. Too many people dont understand that there are alternatives.
For 401k it is much more complicated. Most plans have a limited selection of what can be bought or traded, and the cost are often hidden in plan administration / management cost.
Re: Ouch - Grieve - 03-03-2012
Yeah, I have 3 eTrade accounts (brokerage, Roth IRA, and my wife's Traditional IRA), and the trading fees are the same. If you have more money with eTrade the fees go down, but I'm not sure if that's per account or total. The benefit of IRAs is that you don't have to break down all your trades when doing your taxes every year, and you don't have to worry about the wash rule.
Spreads are more expensive that regular trades. A vertical spread of 10 calls is about 25 bucks (and another 25 to close it).
Last year my fees and commissions at Etrade were over $1200, which is pretty crazy. :roll: This year it's already $750, and only two months have gone. I really need to look for somewhere with lower prices...
Re: Ouch - amins - 03-03-2012
Ok.
For non-retirement accounts, i use OptionsXpress & Interactive Brokers, then use the Genesis TradeNavigator Platform for charting..
I was able to get OptionsXpress to bring my Option price down to $9.99 from $14.99. Interactive Brokers is good but you can't transfer to your account, just straight cash.
Not too bad of fee's for the Options. I think they're either setting up the 401k acct's for trade or have it already.. i just dont' know because i don't have a 401k, yet.
Re: Ouch - Breand - 03-06-2012
sharebuilder is 9.99 on trades and options...